BNB Rebound 13% After Bearish Phase, Resistance at $573

On March 11, 2025, the price of BNB experienced a significant recovery after hitting a low of $507 during a bearish phase. This rapid rebound caught the attention of traders and investors, who were left wondering whether this new bullish momentum would sustain or if it was merely a temporary spike within an overall bearish trend. The day began with the price breaking out from a converging triangle at 03:35 UTC, supported by a golden cross in the Moving Average Convergence Divergence (MACD) indicator. This breakout was followed by the formation of a spike and channel pattern at 04:30 UTC, with the Relative Strength Index (RSI) moving above 70, indicating an overbought market condition.

At 07:00 UTC, BNB attempted to break out to the upside of the channel but failed, causing the price to drop to $560. The price then marked its high of the day at $573 at 09:20 UTC before dropping again. This level of $573 now serves as a resistance level. The RSI remained above 70, confirming the overbought condition. A range appeared in the price, attempting to break out to the upside at 11:50 UTC but failing, resulting in a spike and channel trend to the downside.

Later in the day, at 14:00 UTC, the RSI dropped below 30, indicating an oversold market condition. The channel to the downside attempted to break out to the upside at 15:05 UTC, supported by the MACD, but failed again, leading to another spike and channel trend to the downside. At 19:00 UTC, the RSI dropped below 30 once more, indicating another oversold condition. A golden cross appeared in the MACD at 09:20 UTC, suggesting a potential reversal or pullback in the price.

This created a range in the price, which broke out to the downside at 00:15 UTC, marking the low of the day at $507. After hitting this low, which now acts as a support zone, BNB recovered in a V-shape, forming a spike and converging triangle pattern. At 07:10 UTC,