Binance Coin (BNB) rebounded from a significant support area, which shows strength in the short term, and investors are deciding whether this is a long-term recovery or a short-term bounce from the downtrend.
At the time of writing, BNB is trading at $620.23, recording a 4.89% gain over the last 24 hours, according to CoinMarketCap data. The token has also posted a strong daily trading volume of $1.94 billion, while its market capitalization stands at $84.57 billion.
Binance Coin Tests Key Resistance Level
On March 1, 2026, Crypto analyst Crypto Patel said that Binance Coin is playing out as he had outlined in the scenario that he had previously outlined. He explained that the price has rebounded nicely off the $570-$580 support zone, while the bear flag channel is still intact. The price is now probing the upper channel, the $635 resistance level.
There are two possibilities here. A strong breakout above $635 could target $750-$780, and a strong breakout above $780 would negate the bearish pattern and suggest that the trend is reversing.
However, there are downside risks as well. If the support of $570 breaks, BNB could potentially drop to the region of $450 to $400, as Patel has warned. He remains cautious, emphasizing that confirmation of the price action is more important than optimism.
Technical Indicators Still Favor Sellers
Even though the price has rebounded, the indicators show that the sellers are still in charge. BNB’s weekly RSI stands at 33.99, which is below the 50 line and close to the oversold area.
The price still trades below all major moving averages within the MA Ribbon framework: 20-day SMA $865.16, 50-day SMA $801.64, 100-day SMA $702.57, and 200-day SMA $496.37. Trading below these levels indicates continued bearish dominance and a broken uptrend.
MACD is still negative, with the MACD line standing at 43.84, while the signal line is standing at 58.72. The histogram is also negative, standing at 14.88, indicating that the bears are not letting go of the stock.
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What is Next for BNB?
The fact that Binance Coin is bouncing off the support also creates some optimism, although the overall picture remains uncertain for the time being. The first indication that the price is indeed rising again will be the break above $635.
As the price action is approaching the crucial inflection point, the next move may set the trend for the future weeks in the price of BNB.
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