Key Insights:
- BNB holds strong at 0.618 retracement after sharp drop, hinting at potential upward move.
- Traders split: Some eye $980 recovery, others target $790 after recent bearish rejection.
- Price stuck between $862 support and $893 resistance as the market waits for a clear breakout.
BNB was currently priced at $871.55, showing a 0.9% decline over the last 24 hours and a 6% drop across the past seven days. The recent slide came after a move toward $980, with sellers pushing the price down to a low around $862.
This drop placed BNB near the 0.618 Fibonacci retracement level, which often acts as a technical area of support. The price is also sitting inside a previously tested demand zone. So far, this level is holding, though there is no strong upward movement yet.
Different Views on the Next Move
As this level holds, traders are watching closely. In one update, Rose Premium Signals noted that BNB is showing a reaction from demand and could be preparing for a move higher. They added that the 0.618 retracement area may support a possible bounce, with targets set at $937.66 and $980.38.
Source: Rose Premium Signals/XAt the same time, another trader has a bearish take. King pincrypto12, who entered a short at $880, pointed to a Swing Failure Pattern (SFP) at $950. In their view, the failed breakout and drop back into the $826–$920 range marked the start of a downward shift.
Resistance Holding as Price Moves Sideways
Following the rejection near $950, BNB broke below a rising trendline and is now trading under weekly resistance at $893.7. This level has been tested several times and is now acting as a barrier. The price has also formed a lower high, which often appears during downward trends.
If BNB moves above $893.7 and holds, that could shift focus back toward the higher targets mentioned. Until that happens, sellers may stay in control. The next support level being watched is near $790, an area where liquidity may exist from earlier trading activity.
Market Awaits a Clear Signal
As of then, the price was stuck between resistance and support. The move from $980 to $862 was sharp, but since then, there hasn’t been much follow-through in either direction. Buyers are defending the current level, while sellers continue to watch resistance around $893.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Source: https://coincu.com/analysis/bnb-eyes-980-after-sharp-drop-bullish/
