Binance Coin struggles near resistance as traders eye $850 support zone
Binance Coin (BNB) briefly rallied to $884 before facing heavy selling pressure, erasing early gains and signaling caution among traders at key resistance levels.
BNB climbed steadily through the week, breaking out of a prolonged consolidation phase. However, the token met immediate resistance at the $880–$890 zone, a level highlighted in the chart as a strong supply area where sellers remain active. After touching $884, BNB retraced quickly, slipping back toward $880 as market participants locked in profits.
“BNB is showing strength overall, but the $890 resistance level is proving difficult to clear,” According to BITX analyst. “Until bulls achieve a clean breakout, the upside remains capped.”
The chart highlights several demand zones that could act as strong support if selling pressure intensifies. The most immediate level lies between $845 and $855, where buyers have stepped in repeatedly over the past two weeks. A deeper correction could push BNB toward the $750–$770 support band, while the $680 zone marks a more critical safety net for long-term holders.
Traders stress that maintaining the $850 floor is essential to prevent momentum from reversing into a broader correction. “If BNB fails to defend this level, we could see a sharp retest of lower zones,”According to BITX market strategists.
Despite the short-term rejection, broader sentiment around BNB remains constructive. The breakout from a descending channel earlier this summer fueled optimism, with volume spikes suggesting ongoing accumulation.
Still, experts warn that BNB’s next trend depends on whether it breaks above $890 or falls below $850. A confirmed breakout could trigger a rally toward $950 and eventually $1,000, while rejection may keep the token range-bound through September.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.