BNB is trading near $649 today as technical analysis highlights the emergence of a third major accumulation zone on monthly charts. Following a recent pullback from $690, the price has come under short-term downward pressure. Despite near-term declines, long-term technical forecasts remain optimistic for the cryptocurrency.
Third accumulation zone in the monthly chart
According to market analysts, previous similar formations in BNB’s monthly chart have been followed by significant price rallies. Experts point out that during past cycles, upward surges of 665%, 11,200%, and 565% all started from these accumulation zones.
One market analyst commented, “You may someday regret not buying BNB between $500 and $300. The third major accumulation zone is now forming,” while noting that long-term technical targets include $2,000, $5,000, and even $10,000.
These observations were shared with the disclaimer that they are “purely technical analysis and not investment advice.” The $300–$500 range is well below the current price, meaning a deep correction would be needed for the price to revisit these levels.
Short-term resistance and support
According to Binance’s latest daily data, BNB opened at $649.48 and dipped to $645.38 this morning. A spike in trading volume at the start of May pushed prices up to $690, where a notable resistance level was established. Throughout the day, the highest price reached was $649.70, with an intraday low of $634.30.
After its recent surge, BNB has failed to close above $690, and technical indicators underscore increased selling pressure in the short term. The price remains below the 7-day moving average (MA(7)) of $662.61, suggesting a lack of sustained upward momentum for now. However, longer-term averages continue to support the overall trend structure.
Critical thresholds in moving averages
In the near term, key support levels are located in the $641–$645 zone. This range also intersects with the 25-day moving average. Should BNB slip below this support, attention may turn to the 99-day moving average at around $629. In the medium term, if the price drops even further, the $600–$610 range could become the next focus for market watchers.
After bouncing from last month’s low at $570, BNB has formed higher lows, signaling a recovery attempt. Trading volumes spiked during the early May rally, but more recent price moves suggest some investors are taking profits at current levels.
From a technical standpoint, BNB is currently undergoing a short-term correction. As long as the price holds above $641, it may attempt to test $662 and $690 again. On the other hand, closing below $629 could signal further weakness and bring the $600 support into play.
