BNB Price Recovers 20% — $650 Resistance Key for the Future Trend

Key Takeaways

• BNB has fallen since its all-time high in December 2024.
• The BNB price trades inside an ascending parallel channel.
• Has BNB reached its cycle top, or is there more upside left?

BNB reached its all-time high price in December 2024 but could not sustain the upward movement.

BNB dropped quickly after peaking, erasing 37% of its gains. However, BNB bounced back last week, regaining its footing.

Despite the recovery, the price still faces a key challenge at the $670 horizontal resistance area, which holds the key for the future trend.

BNB Confirms Channel

In December 2024, BNB broke out from the $670 horizontal resistance area on the third try. The same month, BNB reached a new all-time high of $793.80 before falling. The decline confirmed the previous breakout was a deviation (black circle).

The decline culminated with a low of $500 on Feb. 3, 2025. This created a long lower wick (white icon), taking the BNB price to $600.

BNB’s price movement has created an ascending parallel channel whose resistance and support trend lines have been validated twice.

Despite the bounce, BNB still trades below the $670 horizontal area, which has now become resistant again.

While the price action can be seen as bullish, technical indicators are bearish. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) have generated bearish divergence (MACD), a sign associated with market cycle tops.

The indicators have also fallen below 50, showing a bearish trend.

Is the BNB Cycle Over?

The wave count gives two potential outcomes for the future BNB price. The bullish alternative suggests that the movement inside the channel is a completely irregular flat correction.

The sub-wave count is in black, showing that waves A:C have nearly the same ratio.

If this is the correct count, BNB has started the fifth and final wave of its increase, with an initial target of $854, created by the 1.61 external Fibonacci retracement of the drop.

A breakout from the $670 horizontal area will confirm this is the correct count and pave the way for a new all-time high.

Alternatively, the BNB price may have completed its cycle with an all-time high of $793.86. If that is the case, BNB has begun its A-B-C correction that could end near $450.

In this possibility, BNB will get rejected at the $670 area, create a lower high, and then fall, completing wave C.

Both scenarios predict a BNB increase toward the $670 area. Once the BNB price gets there, the reaction will be critical for the future trend.

$670 Area Holds the Key

The BNB price has fallen sharply since its all-time high but regained its footing with its Feb. 3 bounce.

The wave count gives two potential pathways for the future price. The reaction to the $670 area can determine which is the correct one.