- Binance Coin (BNB) trades at $665 after an intraday recovery, but bearish signals persist.
- A triangle breakdown hints at a possible dip below $650, with key support at $628 and $623.
- If BNB rebounds, upside targets include $675, $708, and the psychological $750 level.
As the broader crypto market stabilizes, Binance Coin (BNB) finds itself at a crossroads. The token is facing technical challenges that could determine its next move. The recent price action shows alternating red and green days, signaling uncertainty as BNB struggles to maintain momentum.
With the upcoming FOMC meeting and macroeconomic factors influencing market sentiment, traders are closely watching whether BNB can hold above the critical $650 support level.
Binance Coin Price Analysis: Triangle Breakdown and Bearish Signs
BNB recently hit a 7-day low of $637 but rebounded to sustain its position above the 100-day EMA. However, the current recovery is facing resistance at the 61.80% Fibonacci retracement level of $674.95, suggesting a potential continuation of the bearish trend.
The symmetrical triangle breakdown in the larger picture further supports the bearish outlook. This intraday recovery may simply be a retest of the broken triangle, with rejection at the $679 level hinting at further downside.
Additionally, the 20 and 50 EMA lines are approaching a negative crossover, while the 4-hour RSI remains below the halfway mark. These indicators reinforce bearish dominance and suggest that selling pressure may persist.
Price Targets: Will $650 Hold or Break?
Using Fibonacci-based trend analysis, the bearish continuation could push BNB below the psychological $650 mark. If this happens, the token could test key support at $628 and the 200 EMA at $623. This region serves as a crucial support zone that may trigger a reversal if buyers step in.
On the flip side, a strong recovery from $628 could allow the coin to retest $675 and challenge higher resistance levels. If bullish sentiment returns, particularly in response to dovish signals from the upcoming FOMC meeting, BNB could aim for $708, with the psychological $750 mark as the next major target.
