BNB Price Targets $660 — How VanEck’s ETF Filing Shifted Market Sentiment

Key Takeaways

• VanEck filed for a BNB Exchange-Traded Fund (ETF).
• The BNB price trades below the $660 resistance area.
• Can BNB break out above $660 and move to new highs?

On May 5, $116 billion asset manager VanEck filed with the Securities and Exchange Commission (SEC) for a BNB ETF, beating BlackRock and Fidelity to the punch.

This is the second major crypto ETF news in the past two weeks, following the alleged confirmation and subsequent delay of an XRP futures ETF.

Moreover, the ETF includes staking , so once approved, the BNB in the VanEck trust can earn staking rewards.

The BNB price bounced slightly on the positive news, approaching the long-term resistance at $660. Let’s analyze the price action and see if it will reach that level.

BNB Bounces at Support

The weekly time frame BNB analysis shows that the price has increased alongside an ascending support trend line since July 2024.

BNB’s price bounced at the trend line six times (green icons), more recently in April.

Despite trading above support, BNB trades below the $650 resistance area, which is critical since it is the previous all-time high in 2021.

Technical indicators show that bearish divergences (orange) in the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) led to the decline.

The RSI is at 50, while the MACD is close to making a bullish cross (black circle), highlighting the importance of the current price level.

So, while the weekly time frame does not confirm the BNB trend’s direction, it suggests BNB is at a tipping point with the support trend line and $650 areas acting as key factors for where the price heads next.

What’s Next for BNB?

While the weekly time frame price action is undetermined, the wave count gives a bearish BNB price prediction.

According to the count, BNB completed a five-wave upward movement (green) in June 2022 and is now correcting.

If the count is accurate, BNB is in wave X of a W-X-Y structure (red). The correction could end at the $440 horizontal support area.

So, while the BNB price could retest the $660 area, a breakout is unlikely.

Instead, the price of BNB will likely return to the $440 horizontal support, retesting its wave four lows (green icon).

BNB ETF Filing

The BNB price follows a long-term support trend line and bounced slightly on the news of an ETF filing.

While the price will likely reach the $660 resistance area, the wave count suggests the long-term trend is bearish. A new high is unlikely in 2025.

The next closest support will be at 440 if an eventual breakdown occurs.