- Binance coin slips below $800, marking a 1.71% 24-hour gain amid signs of a short-term correction after rejection near $860 resistance.
- Key support levels are being tested at $800, $777–$775, and $735–$725 as bearish momentum builds.
- Bullish trendline remains intact, offering potential for a rebound if bulls defend current levels and reclaim $820 resistance.
Binance coin (BNB) is currently trading at $796.25. BNB has marked a modest 1.71% growth in the past 24 hours. Binance coin remains a mammoth in the world of cryptocurrency with a 24-hour trade value of $2.92 billion and a market value of $117.51 billion. The latest activity on the price front implies a likely cool-off mode as the coin retreats from recent highs.
Binance coin Enters Correction After Rejection at $860 Resistance Zone
Following a spirited surge that pushed BNB near the $860 barrier of resistance, the token is currently undergoing a correction. It was kept out beyond the barrier of $860 and later retraced from significant levels near $850 and $840. The move also pushed BNB to test support near $800, from where the buying community is battling hard to gain control.
The correction was accompanied by a drop below the 23.6% Fibonacci retracement level, drawn from the $744 low to the $861 high, indicating short-term weakness. However, a bullish trendline remains intact near $800 on the hourly chart, offering hope for a potential rebound.
Also Read | BNB Surges to New All Time High Driven by Silent Whale Buying, $1,000 Target in Sight
Binance Coin Eyes Support as Short-Term Pullback Builds
Crypto analyst Crypto_Jobs highlighted BNB’s recent price action, noting a bullish weekly trend, but warned of a bearish divergence forming on higher timeframes. This suggests that while BNB remains in a long-term uptrend, a short-term correction is likely imminent.
He also indicated that the momentum is turning bearish and the next decline could carry the price towards the areas of liquidity around $755 and the area of $735–$725, levels that previously acted as a barrier and could be the principal support now.
“If bulls find support near these levels, then Binance coin can initiate a fresh leg higher and possibly scale a new all-time high,” he added. But his suggestion was to wait for a clear bullish signal before entering long positions, and he stressed being patient owing to the prevailing volatility.
Binance coin remains below the $810 resistance and the 100-hour simple moving average. The path of least resistance continues to be to the downside unless bulls regain momentum. v Support levels: $800, $777–$775, $735–$725; resistance levels: $810, $820, $845; and a breakout target: $860, potentially $880 if momentum accelerates.
A breakout above $820 could trigger a short-term rally toward $845. If Binance coin closes above that level, further gains toward $860 and beyond are likely.
Also Read | BNB Leads Institutional Race with $1.2 Billion Demand, Surpassing ETH
