A prominent analyst, Sjuul from AltCryptoGems, shared with his followers that Binance Coin (BNB) is on the verge of a significant price movement as it approaches a key resistance level.
The analyst noted that the resistance zone between $600 and $620 has been a recurring barrier for BNB’s price, tested numerous times without a clear breakout. However, according to Sjuul’s BNB chart observations, a breakthrough past this level could set the stage for a potential rally.
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What you'll learn 👉
BNB Price Tough Resistance at $600 – $620
The BNB price has consistently tested the $600 – $620 resistance level, a price zone marked by strong market rejections in the past.
Despite multiple attempts to break above it, BNB’s price is yet to see a clear breakout. Sjuul mentioned that this level “must break sooner or later,” given the numerous retests. The frequent challenges to this zone suggest that buyers are gradually gaining strength.
Sjuul’s BNB chart analysis supports this claim, showing higher lows forming as BNB nears the resistance zone again. This pattern of higher lows often signals growing buying momentum, increasing the likelihood of a breakthrough soon.
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BNB Price Discovery Beyond $620
Should BNB’s price break through the $620 resistance, the road to higher price levels may be smoother. Sjuul’s tweet highlights that “there isn’t much resistance above it until $700,” implying that once the $600-$620 barrier is cleared, a strong upward move could follow.
The lack of historical resistance above $620 could lead to a period of price discovery, potentially driving BNB’s price toward higher levels.
This opens the door for a potential rally, with analysts speculating that a clear breakout could trigger a double-digit percentage gain in the near term. The BNB chart reflects this scenario, showing minimal price interaction in the range above $620, which could allow for rapid upward movement.
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Show more +Potential Bearish Rejection
While the outlook is optimistic, there remains the possibility of another rejection from the $600 – $620 zone. Previous rejections in this range led to sharp pullbacks, with BNB retracing to the mid-range support at $450. This mid-range has acted as a strong support level in the past, where buyers have consistently stepped in to prevent further declines.
However, each rejection has been followed by a recovery, suggesting that even in the event of another pullback, the downside may be limited by strong buying interest around the $450 level.
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