Analyst Crypto Patel states that BNB is maintaining a long-term bullish structure despite a current corrective phase. Key support is seen between $530 and $630, with a major test at approximately $422. If these levels hold, the analysis suggests future upside targets could reach up to $1,384 and beyond.
The cryptocurrency BNB is currently in a corrective accumulation phase while holding a long-term bullish structure. According to analyst Crypto Patel, the token broke a major descending trendline after a 2022-2023 base formation, confirming a shift to expansion.
The 2-week chart validates this broader uptrend with a series of higher highs and higher lows. Recent price action encountered resistance near the $664 level, leading to a pullback that the analyst describes as a technical correction.
The current pullback is a technical analysis and does not indicate a loss of the overall uptrend, Crypto Patel tweeted. The primary support zone is identified between $530 and $630, aligning with a previous resistance level and a rising trendline.
A more critical support level exists around $422, which corresponds to the 0.618 Fibonacci retracement. Holding this level is seen as essential for maintaining the bullish trend’s continuity, with potential long-term targets at $1,384, $2,150, and above $3,750.
On the daily chart, BNB has been trading within a descending channel since peaking near $1,350. The price is currently testing the channel’s lower support band in the $820 to $860 range, where buyers have previously emerged.
Data from TradingView indicates the pullback from the high measures 42.45%, ranking in the 14th percentile. The total surge of 170.79% is considered relatively tame compared to historical moves, with “Runup Bars” ranked at 100%.
The immediate turning point is noted between $800 and $820. A daily close below this range could lead to a test of the next demand zone between $750 and $780.
A sustained hold of support may trigger a reversal toward the $900 to $940 range. A definitive bullish transition would require a breakout above the upper channel boundary near $950 to $980.
