- Binance Coin jostles with key resistances as bullish momentum wanes after a three-day rally.
- Nearly overbought RSI flags BNB pullback but 200-day SMA, bullish MACD signals cushion drop.
- Decisive break of $692 will reverse 5.5-month-old downtrend, 100-day SMA acts as the last defense of BNB/USD bulls.
Binance Coin (BNB) price drops to $684 early Friday after hitting a 12-day high, as the BNB/USD pair tests a descending resistance line from December 2024 along with a short-term horizontal ceiling. The 14-day Relative Strength Index (RSI) is nearing overbought levels, signaling a potential short-term pullback. Still, downside risks appear limited, with strong support levels in place and bullish signals from the Moving Average Convergence Divergence (MACD) suggesting the broader uptrend may remain intact.
Technical Chart : Daily chart indicates immediate pullback
Source:Tradingview
Binance Coin (BNB) retreats from a 5.5-month-old descending resistance line on the daily chart, currently facing pressure after printing a 14-day RSI of 69.3—flirting with overbought territory and suggesting a near-term price normalization. Despite this, the MACD remains bullish and in a rising pattern, indicating limited downside potential for the BNB/USD pair.
Should the pullback continue, sellers may first aim for the late-February swing high near $680, followed by the 200-day Simple Moving Average (SMA) around $641. Below that, an ascending trendline from early April and the 100-day SMA—positioned at approximately $627 and $614 respectively—pose significant support. A break beneath these levels would open the door to sub-$600 territory.
On the flip side, a clear breakout above the December resistance line, near $692, would invalidate the broader 5.5-month downtrend. Such a move could quickly propel BNB towards $700 and February’s high of $732.50. Sustained strength beyond that level would shift focus to the late December peak and all-time high near $794.30, with the psychological $800 mark next in line.
BNB/USD: Four-hour chart portrays limited downside room
Source:Tradingview
On the four-hour chart, a horizontal resistance zone—formed by multiple highs since May 12—is capping BNB/USD’s upside around the $692 mark. The Relative Strength Index (RSI) is also nearing the overbought 70 level, reinforcing the case for a potential short-term pullback.
On the downside, strong support is seen at the confluence of a short-term rising trend line and the 100-bar Simple Moving Average (SMA), both near $649. Below that, the 200-bar SMA at $625 may provide additional support against further selling pressure.
If bears manage to push BNB below $625, the monthly low of $584.40 becomes the next critical level to watch as a potential downside filter.
Meanwhile, a clear break of $692.00 could direct BNB/USD bulls toward the levels mentioned on the daily chart.
