BNB Faces Potential 17.1% Drop to $663 as ABC Pattern Targets Deep Correction

BNB has entered a potential corrective phase following a completed five-wave bullish advance, with analysts forecasting a pullback to key Fibonacci support levels. A technical chart shared by analyst BigMike on July 24, 2025, highlights the formation of a flat correction pattern on the 1-hour chart, suggesting a structured decline from the recent $800 peak to as low as $663 [1]. The cryptocurrency, currently trading at $780.93, has retraced from a high of $804.85 and is now positioned below the 0.618 Fibonacci retracement level.

The correction began with a sharp decline to $744.96, identified as wave (a), followed by a partial rebound to $780 as wave (b). Using Elliott Wave Theory, the projected (c) wave could extend to $712 and $663, corresponding to 1.618 and 2.618 Fibonacci extensions. Support at $744 has already acted as a floor for wave (a), while the critical $765 resistance level—aligned with the 0.618 retracement—has failed to hold, indicating weak momentum for further upside [1].

Technical indicators reinforce the bearish bias. The Stochastic RSI and RSI with moving averages show oversold conditions during wave (b), but momentum is waning as the indicator approaches the mid-range. Volume during the rebound has been lighter compared to the sharp decline in wave (a), signaling a potential shift in control to sellers. The Ichimoku Cloud and moving average envelopes also suggest tightening volatility, which often precedes a directional breakout [1].

Traders are closely monitoring whether BNB completes the flat correction or invalidates the pattern with an upward reversal. A break above the $800 level would disrupt the projected ABC structure, while a sustained move below $765 could accelerate the decline toward $712 and $663. The narrowing distance between the 1.618 and 2.618 Fibonacci extensions underscores the precision of these targets, though the outcome hinges on whether the (b) wave proves terminal or extends further [1].

The price action reflects a strategic juncture for BNB. With the (c) wave potentially targeting $712 or $663, traders may brace for a continuation of the correction unless a decisive breakout invalidates the pattern. The next few hourly candles will be critical in confirming the validity of the ABC structure, as any sharp move above wave (v) would reset the chart’s interpretation. Until then, the focus remains on whether the correction establishes a firm base or accelerates downward into deeper support zones [1].

Source: [1] [BNB ABC Pattern Forecasts Pullback From $780 to $712 and $663 Support] [https://cryptonewsland.com/bnb-abc-forecasts-from-780-to-712-and-663/]