Binance Coin (BNB) is facing renewed selling pressure after failing to hold recent highs, with the price now drifting closer to a key technical support area around $615. This zone is drawing attention from traders because it lines up with several major indicators, making it a potential turning point for the market.
Over the past sessions, BNB has entered a clear corrective phase. After pushing up to a local high near $932, the token was rejected at this resistance level. That rejection marked a shift in short- to medium-term momentum, allowing sellers to take control. Since then, the price has moved lower in a strong, impulsive fashion, showing a series of lower highs and heavier downside candles — a sign that the pullback is more than just a brief dip.
The $932 level remains an important reference point. As long as BNB trades below this resistance, the broader structure stays bearish in the near term. Bulls have so far been unable to reclaim this zone, which has kept pressure on the price and encouraged further profit-taking.
Now, attention is firmly on the $615 area. This level stands out because it brings together several technical factors. It aligns with the 0.618 Fibonacci retracement of the broader move, sits near VWAP-based support, and overlaps with a previous value area high. When multiple indicators cluster around the same price, traders often treat that zone as a high-probability area for a reaction.
Historically, markets tend to slow down or pause when they reach such confluence support after a sharp move. If buyers step in around $615, BNB could find a temporary floor and attempt to stabilize. This doesn’t automatically mean the downtrend is over, but it could open the door for a short-term rebound or consolidation.
Adding to this setup, momentum indicators are beginning to flash oversold signals. After weeks of selling, downside momentum may be losing steam. Oversold conditions don’t guarantee a reversal on their own — prices can stay oversold in strong downtrends — but when they appear near major support, the chances of a relief bounce increase.
What happens next will largely depend on how BNB behaves around $615. A strong defense of this level, backed by rising volume and a clear bullish reaction, could help the price form a higher low and rotate back toward higher targets. On the other hand, if sellers manage to push the price cleanly below this support, it would open the door to deeper losses and extend the current bearish structure.
For now, traders and investors are watching closely. The reaction around $615 may offer important clues about whether BNB is ready for at least a short-term recovery — or if the correction still has further to run.
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