BNB Technical Analysis: 16 APR 2025
BNB is in a descending channel formation. Source: TradingView
General View
BNB has been holding up surprisingly well after defending the double bottom lows. However, some minor congestion is starting to appear as the price trades within a descending channel formation. As long as the channel is maintained, the price will likely remain tilted downward. However, bulls only need one strong push to regain momentum.
On The Upside
Initial resistance lies at $584 to $586 levels, where price recently stalled. A break above this area could invite a push toward the channel’s upper boundary near $592. This would be an important level for BNB to break past. A clean breakout above this would give bulls a sign of strength, potentially opening the $600 zone once again.
On The Downside
BNB has a primary support presence at the $574 level, which is the prevailing channel’s support level. However, below this level, the next intra-day supports are positioned at $569.50 followed by $560 levels. For BNB, breaking below the channel support would be a sign of weakness.
BNB is feeling the heat at intra-day resistance. Source: TradingView
