While BNB was traded around $649 today, technical evaluations that a third largest accumulation zone was formed on monthly charts came to the fore on the cryptocurrency agenda. The recent pullback from the $690 level has put the price under short-term bearish pressure. However, long-term technical expectations continue to include optimistic comments.
Third accumulation zone on monthly chart
According to the evaluations of market analysts, significant price jumps were seen on the monthly chart of BNB after similar formations in the past. Experts state that the increases of 665 percent, 11,200 percent and 565 percent, respectively, in the previous periods started from these regions.
A market analyst said, “One day you may regret not buying BNB between $500 and $300, the third largest accumulation zone is forming,” and stated that the levels of $2,000, $5,000 and $10,000 are among the technical targets in the long term.
These comments were shared with the note “only technical analysis, not investment advice.” The fact that the $500–$300 range remains well below the current price means a deep correction will be required to reach these levels.
Resistance and support zones in the short term
According to daily Binance data, BNB opened at $649.48 in the morning and fell to $645.38. The increase in trading volume pushed the price to $690 during the early May rally; At this level, a significant resistance occurred. While the highest intraday price remained at $649.70, the lowest level was recorded as $634.30.
The price failed to close above $690 after the recent rise, and technical indicators highlighted selling pressure in the short term. In particular, the price, which is below the 7-day moving average (MA(7)) of $662.61, seems far from a permanent upward momentum. On the other hand, the general averages support the main trend structure.
Critical levels in moving averages
In the near term, important support points are located in the $ 641-645 region. This place also intersects with the 25-day moving average. If BNB falls below this support, the 99-day moving average around $629 may come into play. In the medium term, a drop in the price from this level may lead to the 600-610 dollar band being followed.
Since last month’s bottom at $570, BNB has signaled recovery by making higher lows. Trading volumes also increased during the rally in early May. However, recent price movements indicate that investors are making profits.
On the technical outlook, BNB is currently in a short-term correction. As long as it holds above $641, $662 and $690 may be tested. However, in closes below $629, weakening and $600 support is expected to come to the fore.
