BNB Price Drops 7% From High but Retains Bullish Outlook for More Upside

Key Takeaways

• BNB broke out from a December-long corrective wedge.
• Upside potential targets lie between $685 and $746.
• Shart pullback seen, but the macro structure remains bullish.

Binance’s native coin, BNB, has completed a W-X-Y corrective structure since December and is now surging through a renewed bullish impulse.

With the breakout from a falling wedge pattern confirmed, the current rally unfolds as a higher-degree impulse, supported by strong Fibonacci alignment and positive momentum.

A sharp pullback was seen, suggesting short-term cooling could occur before continuation.

BNB Price Analysis

The 4-hour chart shows a completed W-X-Y correction with the Y-wave bottom forming near $519, slightly above the 0.5 Fibonacci retracement of the macro bullish structure.

The breakout above $600 confirms the end of consolidation and the beginning of a new impulsive wave sequence.

The price has pushed through the 0.236 retracement at $626 and is now consolidating near $650 after testing above $660.

This move likely represents wave 3, with wave 4 just beginning or unfolding as a shallow correction.

The Relative Strength Index (RSI) was in the overbought zone but has not yet formed strong bearish divergence in this timeframe, suggesting that the macro trend is still intact.

It currently sits around the mid-point of 50%, leaving room for a further decline and uptrend continuation.

If bullish momentum holds, these levels represent the most likely targets for wave (v) over the coming sessions.

Should a deeper correction unfold, support lies at $635.5 (0.5), $609.3 (0.236), and potentially down to $585.9, aligning with the wave (ii) low.

This area would act as the reset zone for a continuation move if tested.

BNB Price Prediction

On the 1-hour chart, BNB shows a clear five-wave impulse from the $585 level. Wave (iii) extended strongly to $675 before a sharp retracement initiated wave (iv).

The correction seems to unfold as a flat or expanded flat, with the price currently hovering around $649.

Assuming wave (iv) holds above $635 support, the final wave (v) may target the Fibonacci extensions between $685 (1.0) and $746 (1.618).

The internal structure of wave (v) will determine whether the rally becomes overextended, but if volume confirms breakout strength, a move toward the $712- $746 area is likely.

The RSI is cooling off after reaching overbought levels during wave (iii), creating room for another leg higher.

However, traders should remain cautious, as RSI divergence between waves (iii) and (v) could signal a temporary top once $685–$712 is reached.

If wave (iv) fails to hold the $635 support zone, the structure may weaken and retrace deeper toward $609 or even $585.

However, this would keep the macro impulse intact unless $585 breaks decisively.

For now, bullish continuation remains the base case, with $685 and $712 as logical short-term targets once wave (iv) completes.

Key Levels to Watch

• Immediate Support: $635.5 (0.5 retracement of wave iii).
• Critical Support: $609.3 and $585.9 (wave ii low).
• Primary Target: $685 (1.0 Fib extension).
• Bullish Extension Targets: $712 (1.272), $746 (1.618).