BNB is currently trading near $690, facing a critical retest of a key support zone that could determine its next major move. Analysts are closely watching whether buyers can defend this level or if a deeper correction will follow. The cryptocurrency has retreated from its late-October highs near $750 and is now testing a weekly breakout retest identified by crypto analyst @MarzellCrypto. This region, described as a "make-or-break" level, could decide whether BNB continues its bullish trend or faces a significant downturn.
The bullish scenario depends on buyers holding the former macro resistance area as support. If successful, this could keep the door open for new all-time highs, potentially rallying above $1,400. However, a sustained loss of support could expose BNB to lower levels around $365 and even $290. Despite these risks, MarzellCrypto maintains a bullish bias as long as the breakout zone holds.
Another analysis from WhaleFactor presents a deeper corrective scenario, identifying a potential Wave C decline that could take BNB to a completion zone between $398 and $310. This bearish count remains valid unless BNB records a weekly close above $813. If the correction reaches its lower target zone and buying interest returns, the next impulse wave could push the asset above $1,400.
Adding to the uncertainty, TradingView analyst DamonEdge has identified a bearish Head and Shoulders pattern on the daily BNB/USDT chart. This formation suggests that selling pressure may continue if BNB fails to reclaim its broken neckline, with a downside target of $625. Technical indicators also show weak momentum, with the RSI hovering around 40-41 and the MACD remaining negative. However, the 200-day moving average near $657 indicates that the longer-term bullish structure is still intact.