4-hour chart of BNB/USD. Source: TradingView
With BNB's rise, the price decisively broke through the key psychological barrier of $700 and coincided with the upper bound of the ascending channel that has been guiding the price since November.
This move hit the 0 Fibonacci retracement level ($783.20) calculated from the swing low of $551.80 to the recent high. However, a rejection from this resistance resulted in a retracement to the 0.236 Fib level ($728.60), which is currently acting as immediate support.
If the 0.236 Fib fails to hold, the next important levels to look at are the 0.382 ($694.80) and 0.5 ($667.50) retracement levels, which are roughly in line with the 50-EMA at $671.60. In the event of further downside pressure, these levels are expected to act as strong support zones.
BNB/USD weekly price chart — $2,500 target price confirmed on cup-and-handle breakout
BNB/USD has entered the breakout phase of the long-term cup-and-handle (C&H) pattern, a bullish continuation setup that has been forming for several years.
The “cup” represents a rounded consolidation phase over a multi-year time frame, while the “handle” consists of a short decline below neckline resistance around $650.
