- A BNB breakout to $680 was in sight after the retest of the $534 lows.
- The steady selling reflected on the OBV meant a bullish move (beyond $720) would likely not materialize soon.
In February, the crypto market leaders Bitcoin [BTC] and Ethereum [ETH] saw their steepest declines for the month in ten years.
This compounded the fear across the market, and the altcoins experienced more losses than BTC in general.
The volatility on Monday saw Binance Coin [BNB] affected less than some other alts– BNB fell 12.42% compared to ETH’s 19.73% drop to the respective swing lows.
An examination of the HODL waves showed that there had been profit-taking activity, as the exchange token reached $600 in the second half of 2024.
In the past three months, the waves showed some HODL behavior again. Could this see a new uptrend for BNB?
BNB gears up to challenge the $625 resistance once again
Source: BNB/USDT on TradingView
While BNB might have seen less volatility on Monday than Ethereum, it has still been quite volatile throughout the past six weeks.
There were three key levels for BNB traders to watch — the $721 resistance, the $534 support, and the $620-$640 zone in between that has acted as both resistance and support.
The price has swung wildly across this significant S/R level, diminishing the importance it held in December and January.
Over the past month, the RSI has been below neutral 50 to indicate downward momentum was prevalent. The OBV has also witnessed a retreat.
The lower timeframe charts showed the local highs at $620 and $680 were key resistances.
Yet, as things stand, it would be better to treat BNB as rangebound than a trending asset. Hence, a move beyond $620 and a retest as support would be a buying opportunity.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
