The BNB 4-hour chart displays a completed Wave (5) of an Elliott Wave cycle, consolidating the price within a symmetrical triangle near $722.
This came after BNB reached a new all-time high just below $800 on Dec. 4. Although further upside is likely, a breakout direction will determine the next major move.
BNBUSD the price developing wave 5 | Credit: Nikola Lazic/TradingView
Strong support levels are identified at $650 and $632, which would act as buffers in case of a breakdown.
A deeper correction could target the $519.9 (0.382 Fib) and $458.1 (0.5 Fib) levels. On the upside, a bullish breakout could retest the previous highs or move beyond.
The Relative Strength Index (RSI) indicates consolidation, staying neutral with slight downward pressure.
For the uptrend to continue, BNB must break above the $722 resistance and confirm the breakout from the triangle. Failure to hold current levels could initiate a corrective phase targeting lower Fibonacci support zones.
Key Observations
Symmetrical Triangle: Price consolidates near $722, signaling potential breakout direction.
Immediate Support: Key levels are $632.6 and $596.3 (0.236 Fib).
Deeper Support Zones: Watch $519.9 (0.382 Fib) and $458.1 (0.5 Fib) for correction.
Breakout Signal: A move above $722 confirms a bullish continuation toward higher highs.
RSI Insight: Neutral RSI reflects consolidation with slight downward pressure.
BNB Price Prediction
The BNB hourly chart highlights a potential completion of Wave 4 within a bullish Elliott Wave structure.
Price consolidates around $722, testing the triangle resistance, which aligns with 0.236 Fibonacci support ($710).
A breakout above this level could trigger Wave 5 targeting higher Fibonacci extensions near $775–$900.
BNBUSD symmetrical triangle breakout awaited | Credit: Nikola Lazic/TradingView
On the downside, key support levels lie at $710, the ascending trendline. A break below these could invalidate the bullish setup and lead to a deeper retracement towards $632.6 or $596.3 (0.236 Fib).
Volatility remains relatively low, suggesting cautious market sentiment during this consolidation phase.
The RSI shows a slight upward bias, indicating moderate bullish momentum, but remains neutral overall. For bullish continuation, BNB must clear immediate resistance at $746.4 (0.382 Fib).
A successful breakout could lead to $805.2 (0.618 Fib) and the final target of $900.
Key Levels to Watch
Immediate Resistance: $746.4 (0.382 Fib) and $775.8 (0.5 Fib).
Key Support: $710 (0.236 Fib) and $651.2.
Breakout Target: $847 (0.786 Fib) and $900 (1.0 Fib extension).
Downside Risk: A break below $651.2 may trigger a deeper correction to $632.6.
RSI Insight: Moderate momentum suggests potential for bullish continuation.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis.
Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information.
