BNB has established a clear long-term bullish structure, with the rising trendline from 2023 acting as strong support.
Analyst Crypto Patel tweeted on January 30 that after forming a major base during 2022–2023, the token broke above a long-standing descending trendline and entered a strong upward rally, confirming a shift from accumulation to expansion.
The 2-week chart shows higher highs and higher lows, which validates the broader uptrend. Recently, BNB encountered some resistance at around $664, which is the 0.382 Fibonacci level, and it entered a pullback phase.
According to the analyst, the current pullback is a technical analysis and does not indicate a loss of the overall uptrend.
Currently, the level of support is around $530 to $630, which corresponds to the previous resistance turned support, the rising trend line, and the Fibonacci levels. From past experiences, it is observed that the buyers enter at this level, indicating accumulation and not a panic sell-off.
The major level of support is at the 0.618 Fibonacci level at around $422. If BNB holds at this level, it will be able to maintain the overall bullish trend. If BNB continues to make higher lows, the next major resistance levels will be at $1,384, $2,150, and possibly above $3,750.
BNB Daily Chart Signals Controlled Correction
On January 30, the daily chart of BNB/USD on TradingView is indicating a large descending channel since October. BNB peaked at around $1,350 and has been undergoing a correction with lower highs and lower lows, indicating that it is still bounded by the upper and lower lines of the descending channel.
The price is currently very close to the lower channel support at $820-$860. While there have been buyers at this level in the past, the current candles are not very strong.
Although there are buyers, the strength is not much, so the price may continue to decline if the support level is broken. According to Trendoscope, the pullback percentage is 42.45%, which is only in the 14th percentile.
Potential Reversal and Bullish Breakout Targets
The current surge is a total of 170.79%, which is relatively tame compared to previous surges. Runup Bars are ranked at 100%, indicating that the final surge was extended and probably requires a breather before the major move.
The closest turning point is between $800 and $820. If the price closes below this range on a daily basis, it may test $750-$780, the next region of demand.
If support holds at this level, BNB may reverse to $900-$940, which will maintain the current trading range. A genuine bullish transition would require a breakout above the upper trading range near $950-$980.
Also Read: Binance Coin (BNB) Drops After $900 Rejection as Selling Pressure Intensifies
