Binance Coin (BNB) has maintained an upward market structure since the beginning of 2024; however, recent movements suggest a potential deeper correction before significant growth. Currently, the coin is trading near the midpoint of the long-term price channel that started in February 2024. Given that several key technical indicators converge around $400, a retest of this zone seems likely before moving towards higher targets, including the $800 area.
1. Trading Volumes: If volumes start to rise as the price approaches the $400 level, this may confirm buyers' interest and the likelihood of a bounce off support.
2. Psychological Level: The $400 level is also an important psychological mark where both buyers and sellers often become active.
3. Fundamental Factors: It is important to consider news surrounding the Binance ecosystem, such as the launch of new products, updates to the BNB Chain network, or regulatory events — they can increase volatility and accelerate price movement.
4. Consolidation Scenario: A scenario is possible where BNB consolidates in the range of $380–$420 before a surge upward, accumulating liquidity for a breakout.
5. Risks: If the $400 level does not hold, the next significant support zone may be the range of $340–$360, from where the price previously began strong impulses.
$BNB maintains a bullish outlook on higher timeframes; however, from a technical perspective, a temporary correction to the $400 level seems justified and could become a strong accumulation zone. If this support holds, there is a high probability of movement towards $800, which will be the next step within the long-term channel structure of the asset.
