BNB is currently mid-range in a long-term channel, with a potential drawdown to $400 before resuming bullish momentum. Technical confluence at key levels strengthens the case for a healthy correction.
Binance Coin (BNB) has been riding a bullish market structure since early 2024, but recent price action suggests a deeper retrace may occur before any significant breakout. The asset is currently trading in the center of a high time frame trading channel that began in February 2024. With several major technical indicators aligning around the $400 level, a retest of this zone appears probable before any continuation to higher targets, including the $800 region.
Key technical points
- Channel Low Support at $400: Acts as the base of the long-term range
- 200-Week MA & 0.618 Fibonacci Confluence: Add technical weight to $400 level
- Liquidity Sweep Scenario: Possible short-term dip before long-term continuation
BNB has respected its high time frame trading channel with precision, reacting off both the lower and upper boundaries over recent months. Price is currently situated near the channel’s mid-range, a zone typically associated with uncertainty or indecision. From a technical standpoint, there’s significant support layering around the $400 level, which serves as the channel low.
This $400 zone is further reinforced by a trifecta of confluences: the 200-week moving average, the 0.618 Fibonacci retracement level from the recent swing low to high, and a visible liquidity pocket that hasn’t yet been tapped. These indicators collectively form a magnet for price action. If price were to sweep the resting liquidity under current levels and tap into this zone, it would complete a healthy retest of the channel low and set up a more sustainable uptrend.
Structurally, a move down toward $400 wouldn’t invalidate the bullish trend — instead, it could strengthen it. A confirmed higher low around this support level would solidify the market structure and offer a springboard toward the upper boundary of the trading channel, which sits around $800. That would essentially double BNB’s value from the $400 retest area, providing a compelling risk-to-reward scenario for long-term traders and investors.
What to expect in the coming price action
BNB remains bullish over the high time frame, but a temporary retrace toward $400 is technically warranted and would serve as a strong accumulation zone. If support holds, the path toward $800 becomes a high-probability outcome, completing the next leg in BNB’s long-term channel structure.
