Binance Coin (BNB) has entered a notable pullback, and market watchers are now closely tracking whether this move is simply a pause inside a broader uptrend.
On February 13, More Crypto Online pointed out that the correction appears large enough to fit the structure of Wave (iv) in Elliott Wave terms. The chart suggests BNB could still test the $529 support area before the market begins forming a more stable bottom.
The weekly trend shows that BNB spent much of the post-2022 period building an accumulation base. After a steep decline, price volatility gradually cooled, and sellers began losing strength. That consolidation phase eventually gave way to a strong breakout in 2024, which marked the start of an impulsive Wave (iii) rally.
This upward leg followed a classic pattern of higher highs and higher lows, reflecting strong demand returning to the market. Wave (iii) also carried the sharpest momentum, which is typical in Elliott Wave cycles.
BNB Enters Corrective ABC Phase After Local Peak
After hitting a local high, BNB entered a corrective ABC pattern. Wave A marked the beginning of the drop, Wave B saw a brief pullback, and Wave C seems to be nearing completion within a large Fibonacci retracement area.
The levels of interest are the 38.2% retracement at $663, the 50% level at $529, and the more distant 61.8% level at approximately $422. In terms of historical precedent, fourth waves tend to see a retrace into the 38.2% to 50% area.
Up until now, the selling pressure looks well-managed and not panic-sold. This is a good indication that we are experiencing pauses in a larger uptrend and not the beginning of a complete trend reversal.
However, there is still some risk involved. If the price slips below the 61.8% retracement level, the bullish arrangement will be undermined.
Bigger Picture Targets Keep Bulls Interested
On February 12, Crypto Patel identified a long-term bullish flag breakout. He stated that BNB could go to $5,000 if the overall cycle continues. He believes that big dips are opportunities to buy, not to be afraid of.
The long-term chart illustrates that BNB has been holding key Fibonacci demand levels for years, with dips to the 0.5 and 0.618 levels forming higher lows.
The breakout above the $250-$300 level was a major turning point, which was aided by strong volumes. This resulted in the price of BNB reaching the $600+ level, indicating that the breakout level could be a long-term support level.
If the present support level of $520-$550 holds, another phase of expansion is expected, with targets at $2,100 and then further above.
Also Read: BNB Q4 Review: DeFi TVL Declines, RWAs Reach $2 Billion
