Binance Coin (BNB) Price: Recovery Above $600 as Bulls Target $620 Resistance

TLDR

Table of Contents

BNB price is currently trading above $600, showing recovery from the $580 support zone
Technical indicators like MACD and RSI suggest bullish momentum for BNB
A bullish trend line is forming with support at $611 on the hourly chart
BNB has been consolidating in a $500-$630 accumulation zone similar to its 2022-2023 pattern
Breaking above the $630 resistance could trigger a rally toward $740

Binance Coin (BNB) has reclaimed the $600 price level, showing signs of recovery as it moves upward from its recent $580 support zone. The cryptocurrency is now trading at $611.52, with a 2.57% increase in the last 24 hours and a more impressive 5.06% gain over the past week.

The current price action suggests BNB is gearing up for potential further gains as it tests key resistance levels.

BNB currently has a trading volume of $1.66 billion and a market cap of $86.15 billion, highlighting its position as one of the major cryptocurrencies in the market.

The price has successfully moved above both the $600 psychological level and the 100-hourly simple moving average, which many traders consider a bullish signal.

Technical Structure Points to Bullish Momentum

A connecting bullish trend line is forming with support at $611 on the hourly chart of the BNB/USD pair, according to recent data from Binance. This technical structure suggests buyers are gaining control of the market.

The hourly MACD for BNB/USD is gaining pace in the bullish zone, while the RSI (Relative Strength Index) is currently above the 50 level. Both indicators point to growing upward momentum.

BNB formed a recent high at $620 before experiencing a minor correction. The price dipped below the 23.6% Fibonacci retracement level of the upward move from the $594 swing low to the $620 high, but has since stabilized.

On the upside, BNB could face resistance near the $618 level with the next resistance sitting close to $620.

A clear break above the $620 zone could send the price higher toward the $635 level. If BNB closes above the $635 resistance, it might set the pace for a larger move toward the $650 resistance and possibly $665 in the near term.

Accumulation Pattern Mirrors 2022 Movements

BNB has been consolidating within a strong accumulation zone between $500 and $630 for several months. This pattern is remarkably similar to the range it held back in 2022-2023 before breaking out into a strong uptrend.

Despite recent pullbacks, the price remains structurally bullish as long as it holds within this accumulation zone. The repeated testing of a descending trendline suggests growing pressure for an upward breakout.

BNB is currently testing a key resistance range from $626 to $638. This region aligns with the 50% Fibonacci retracement of its most recent price action, where it dropped from $661 down to $616.

#BNB Price Update 🚨Key Level Ahead
BNB is holding above a strong support zone and now approaching a key descending trendline. The $600–620 range remains a strong resistance zone to watch.
A breakout above this trendline could shift the structure bullish, with the next major… pic.twitter.com/93v942Njdu
— CRYPTOMOJO_TA (@CRYPTOMOJO_TA) April 20, 2025

The 50% retracement level has historically been a battleground for either reversal or acceleration of a trend, making this a critical level to watch.

If BNB fails to clear the $620 resistance, it could start another decline. Initial support is near the $611 level, with the next major support around $607 and the 50% Fibonacci retracement level of the upward move from the $594 swing low to the $620 high.

The main support sits at $600. A break below this level could push the price toward $585 or even $580 if selling pressure increases.

A breakout above the current resistance range and descending trendline would signal a major shift in BNB’s structure. If validated, the next meaningful upside target is around the $740 price point, which previously served as resistance.

Traders are closely watching the $630 level as a decisive break above this zone could trigger the start of a major upside move similar to what was seen after the 2022-2023 accumulation period.

For now, BNB must maintain its position above the $600 support to keep the bullish momentum going.

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