Bulls awaken, BNB strongly returns to the upward channel.
After building solid support above 642 USD, BNB has initiated a new offensive. Following the strong rebounds of Bitcoin and Ethereum, BNB's price also broke through the key resistance areas of 650 USD and 655 USD, with upward momentum continuously strengthening.
In the short term, the price has broken through the hourly downward trend line extending from 652 USD, and this technical breakthrough opens up room for upward movement. Currently, BNB has stabilized above the 100-hour moving average and 655 USD, showing strong short-term buying support.
The technical threshold is approaching, with 660 USD as the first resistance.
During the pullback from the swing high of 671 USD to 642 USD, BNB stabilized and rebounded at the 50% Fibonacci retracement level, and is currently approaching the next technical resistance at 660 USD — this position is precisely the 61.8% golden ratio of the retracement.
If the breakout is successful, the short-term target will quickly look towards 670 USD, followed by the potential to reach 678 USD. Once the closing price stabilizes above 678 USD, it will open the door for an assault on 685 or even 700 USD, with bulls likely to dominate.
Breaking down reversal? Key support levels at 652 and 642 USD.
Of course, the bullish momentum still faces challenges. If the price is blocked at 660 USD, BNB may face another downward test. The short-term support levels below are at 652 USD and 650 USD, and once broken, the key support will revert to 642 USD.
If the 642 USD support fails, it may trigger a deep correction, with the price testing the lower support areas of 630 USD, or even 620 USD.
Technical indicators outlook: still leaning towards bullish.
The MACD (hourly chart) momentum bars are expanding, in the bullish range.
The RSI indicator remains above 50, indicating that buying pressure still has the advantage.
Main support levels — 650 USD and 642 USD.
Main resistance levels — 660 USD and 670 USD.
