Key Takeaways
- BNB broke out from a long-term descending wedge structure.
- Current wave structure targets $713–$748 for wave v.
- $609 is key support for maintaining bullish momentum.
Binance Coin (BNB) continues its impulsive uptrend following a completed WXY correction and a breakout from a long-term descending wedge pattern.
The 4-hour chart confirms the broader bullish structure, while the 1-hour chart illustrates an ongoing wave cycle midway through a five-wave impulsive formation.
With RSI remaining neutral and price structure adhering to Fibonacci levels, the outlook remains bullish with caution for short-term pullbacks.
BNB Price Analysis
The 4-hour chart of BNB shows a five-wave pattern likely forming after a prolonged WXY corrective phase.
The price bottomed near $520, with a descending wedge acting as a reversal structure.
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Since then, the price has advanced in an impulsive five-wave sequence, with the current price consolidating around the $650 range after a wave (III) peaked at $687.
The breakout beyond the $620 resistance and the strong follow-through into the $650–$687 range confirm bullish strength.
BNB is hovering near the 0.5 retracement level at $655 as a pivot area.
The Relative Strength Index (RSI) remains under 70, suggesting room for further upside before overbought conditions set in.
Support levels at around $623 align with key Fibonacci retracements and previous consolidation zones.
If BNB stays above $623, its structural integrity remains intact, marking this level as the critical invalidation point for bullish momentum.
With wave (III) confirmed and wave (IV) consolidation either complete or ongoing, the stage is set for a final push in wave (V) toward new local highs.
Its recent breakout from the local descending channel could be the starting upward advancement, but seller pressure is evident, which may leave another lower high.
If this happens, the price of BNB could offset the anticipated wave (V) by continuing to consolidate further.
BNB Price Prediction
Zooming into the 1-hour chart, the structure reveals a five-wave formation within a larger wave (III), followed by a descending channel that likely completed wave (iv) of the lower degree count.
Price has since broken upward from this channel, indicating the early stages of wave (v).
BNB is targeting $686 as the next resistance, the top of wave (III) and 1.0 Fib extension of the wave (I)-(II) move.
Afterward, a retracement toward the $635–$609 zone could complete wave (IV) in the larger cycle.
This would align with the 0.382 Fibonacci retracement levels of the previous downtrend.
The final leg, higher degree wave (V), could extend toward the 1.272–1.618 extensions, targeting $713–$748.5.
This range also overlaps with the 0.786 macro Fibonacci retracement level ($733.2) visible on the higher time frame – a significant confluence zone for profit-taking.
RSI has not yet reached exhaustion on this timeframe, suggesting more room for price appreciation before another cool-off.
A deeper correction would only be expected if BNB fails to hold above $635, suggesting a truncated wave and invalidating the current count.
The bullish case remains valid with clear Fibonacci symmetry and wave structure supporting the continuation of the uptrend.
Alternatively, there is also a chance that the current increase will end with an immediate downturn ahead.
This would mean that wave (III) ended at the $688 area, and the (IV) consolidation is already in progress, with the recent recovery being its corrective sub-wave.
If that is true, instead of another interaction with the $688 area, we will see an immediate decline to the $623 zone.
Key Levels to Watch
Support:
- $635.7 (0.5 Fib).
- $609.0 (0.236 Fib).
- $585.2 (wave II low).
Resistance:
- $686.2 (wave III top).
- $713.6 (1.272 extension).
- $748.5 (1.618 extension).
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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