Binance Coin (BNB) Climbs 25% in a Week, Faces Resistance at $648.5

Binance Coin (BNB) has experienced a notable price movement over the past week, climbing to a three-week high before encountering resistance and subsequently consolidating. The cryptocurrency initially dipped to around $500 early in the month but quickly rebounded, showing strength on the daily scale. This recovery led to a week-long buying spree, with BNB reaching a high of $626 before facing rejection and a brief price drop.

The recent price weakness has led to a minor setback, but the formation of a double-bottom pattern on the daily timeframe suggests potential for bullish momentum. From a mid-term perspective, BNB's bias remains bullish, and a push above the recently rejected high could validate further upward movement. However, the current consolidation phase indicates uncertainty about the next market direction.

If the price drops, BNB may roll back recent gains and resume bearish pressure, potentially leading to a major breakdown and a new yearly low. The supply level appears low, but BNB must increase above the yearly high to consider a shift in trend. As of now, the price remains calm despite showing strength on the daily scale.

During this consolidation period, key resistance levels to watch for a potential surge include $648.5, $686, and $732. Conversely, if the price breaks down, support levels to monitor are $593, $566, $544, $520, and $500, the current yearly low. The spot price of BNB is currently around $629, with a bullish trend and high volatility.