Binance Coin Rebounds, Tests Key Support as Market Uncertainty Persists

Binance Coin (BNB), the third-largest cryptocurrency by market capitalization, has shown signs of recovery after finding support near the $595 level. Despite the broader cryptocurrency market experiencing a downtrend, BNB is currently trading at $614.82, reflecting market uncertainty as traders assess conflicting technical indicators.

The hourly chart reveals that BNB has broken below the local support level of $616.85, suggesting short-term weakness. If the current decline persists, analysts expect BNB to test the critical $600 support zone by tomorrow. On the daily timeframe, bulls have failed to maintain upward momentum following yesterday’s positive close, indicating potential exhaustion in buying pressure and signaling more downside in the coming days.

Technical indicators show mixed signals for BNB. The hourly MACD is gaining pace in the bullish zone, suggesting some positive momentum building. However, this contradicts other bearish patterns visible on longer timeframes. BNB has been outperforming some competitors, showing a decent recovery above the $612 level, compared to Ethereum and Bitcoin, which have shown less strength during the same period.

A key resistance level has formed at $618, marked by a connecting bearish trend line on the hourly chart. This level, along with the 100-hourly simple moving average, presents a challenge for buyers attempting to push prices higher. If BNB manages to gain momentum, it could face immediate resistance near $618. Beyond that, the next significant barrier sits at $622, corresponding to the 76.4% Fibonacci retracement level of the recent downward move from $632 to $595.

A clear break above $622 could open the path to $632, a level that represents a more substantial resistance zone. Successfully clearing this hurdle might trigger a larger rally toward $650, with potential to reach $665 if buying pressure intensifies. On the downside, initial support can be found near $602. More substantial support exists at the $600 psychological level, with the main defensive line positioned at $595.

If BNB fails to hold the $595 support, the price could accelerate downward toward $588. Any further losses might initiate a larger decline targeting the $56