BNB Tests 8-Year Support as RSI Turns Oversold

BNB returns to an eight-year support line as traders watch RSI, $706-$708 support, and a major cycle base test.

BNB has returned to a long-term support line that traders have tracked since 2017.

The move has placed Binance Coin back near a key market structure, while short-term price action remains weak on the daily chart.

BNB Tests Long-Term Market Structure

BNB is being analysed after returning to an eight-year support line. Market analysts see the area as part of the asset’s wider cycle structure.

The support line has appeared during several past market resets. These include the 2018 cycle bottom, the Covid market reset, and the 2022 to 2023 bottom zone.

Weekly RSI has reached oversold conditions only five times since 2017, based on the shared chart view.

Traders often watch this reading because it can mark stressed market conditions.

The current test is being described as a cycle base test. The focus is now on whether BNB can hold this long-term support area.

Short-Term BNB Chart Shows Weak Momentum

The one-day BNB chart shows mixed conditions. Price moved from the $708 to $712 area and then rose near $740.

That rally did not hold. BNB then formed a top near the $736 to $740 zone and moved lower through the session.

BNB shows intraday decline and rebound near support. Source: BNB chart

The chart showed a series of lower highs after the failed move. This pattern often shows weaker short-term demand and reduced buying pressure.

BNB later lost the $724 to $728 area. After that move, the price fell toward $718 to $720 and then made a weaker bounce.

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Key BNB Price Levels Remain In Focus

The main short-term support sits near $706 to $708. BNB bounced from this zone late in the session, but the recovery stayed limited.

A move below $706 could expose the $704 area. Traders may watch that level for any further reaction from buyers.

Resistance is now seen near $716 to $720. A recovery above that zone may help BNB stabilize after the recent intraday drop.

The next resistance area is near $724 to $728. That zone was lost earlier, and it may now act as overhead supply.

BNB would need to reclaim $724 to $728 to improve its short-term chart structure. A move toward $736 to $740 would then bring the prior high zone back into focus.

The longer-term chart and the short-term chart are showing different conditions. The cycle structure is testing old support, but the daily chart still shows pressure.

Source: https://www.livebitcoinnews.com/bnb-returns-to-eight-year-support-line-as-traders-watch-major-cycle-base-test/