BNB Faces Potential Correction Before Bullish Surge
BNB is currently in the middle of a long-term trading channel. It might drop to $400 before continuing its upward trend. Several technical factors support this correction.
As early 2024,Binance Coin (BNB) has been on a bullish path.Though,recent price movements suggest a deeper pullback could happen before any critically important rise. The asset is trading in the center of a high time frame channel that started in February 2024. With key technical indicators converging around $400,a retest of this level seems likely before any major breakout. This level acts as a strong support zone.
Key technical points include:
- Channel Low Support at $400: This acts as the base of the long-term range.
- 200-Week MA & 0.618 Fibonacci Confluence: These add weight to the $400 level.
- Liquidity Sweep Scenario: A short-term dip may occur before a long-term rise.
The $400 level is crucial. It’s reinforced by the 200-week moving average and the 0.618 Fibonacci retracement. These factors make $400 a significant support level.
BNB has stayed within its trading channel, reacting off both boundaries. The $400 level is a strong support zone. It’s backed by the 200-week moving average and a Fibonacci retracement. If price hits $400, it could set up a sustainable uptrend.
BNB has stayed within its trading channel, showing uncertainty at the mid-range. A move to $400 would test the channel’s low. This zone is a magnet for price action. A retest here could set the stage for a move toward $800.
BNB’s price is near the channel’s mid-range. A drop to $400 would not break the bullish trend. Instead, it could strengthen the trend. A confirmed higher low around $400 would solidify the market structure.
Traders should watch for a retest of $400. this level is a strong support area.A healthy correction could lead to a more robust uptrend. A confirmed higher low at $400 would confirm the bullish trend. For more insights, check the BNBUSDT (1W) Chart.
