Binance Coin (BNB) is undergoing a significant price correction, with analysts monitoring key support levels. Some market observers suggest the pullback may represent a routine Wave (iv) pause within a larger bullish Elliott Wave pattern. The $529 area is seen as a critical support zone. Long-term charts suggest the possibility of a major breakout, with some traders mapping ambitious future price targets.
Binance Coin (BNB) has entered a notable pullback, and market watchers are tracking whether this is a pause within a broader uptrend. More Crypto Online pointed out on February 13 that the correction appears large enough to fit the structure of Wave (iv) in Elliott Wave terms.
The chart analysis suggests BNB could still test the $529 support area before forming a more stable bottom. The weekly trend shows BNB built an accumulation base before a strong breakout in 2024 marked the start of an impulsive Wave (iii) rally.
After hitting a local high, BNB entered a corrective ABC pattern. Wave C seems to be nearing completion within a large Fibonacci retracement area.
The levels of interest are the 38.2% retracement at $663 and the 50% level at $529. Selling pressure so far appears well-managed and not indicative of panic, which some view as a sign of a pause rather than a full trend reversal.
On February 12, Crypto Patel identified a long-term bullish flag breakout on charts. He stated that BNB could go to $5,000 if the overall cycle continues.
He believes that large dips are opportunities to buy. The long-term chart illustrates that BNB has been holding key Fibonacci demand levels for years, with dips forming higher lows.
The breakout above the $250 to $300 level was a major turning point aided by strong volumes. This resulted in the price reaching over $600, indicating that breakout level could act as long-term support.
If the present support level of $520 to $550 holds, another phase of expansion is anticipated. Targets in that scenario are seen at $2,100 and then further above.
