BNB trades between $550 and $700, eyes $800 if resistance breaks analysts say

BNB has returned to a price range closely watched by investors in recent months. According to market analysts, the asset is once again approaching areas that have previously paved the way for significant upward moves. Having pulled back from its recent highs, BNB has been trading sideways within a broad band for some time.

Ongoing balance within the main range

Monthly charts reveal that BNB retreated after reaching its all-time high above $1,300 and is currently trading within a wide band between $550 and $700. With the current price positioned near the middle of this range, some market participants interpret this as a potential accumulation phase.

According to analyst Aman, BNB has displayed a persistent tightening pattern that warrants attention. Similar patterns in the past have often preceded sharp moves in either direction. As a result, the market is closely watching whether the ongoing sideways action is a precursor to a breakout.

The relative strength index (RSI), which measures price momentum, stands at about 40. While this signals waning momentum, analysts note it does not necessarily point to a definitive downtrend. In their view, a move toward the 50 level in the RSI could be critical for BNB’s short and mid-term direction.

Mini glossary: RSI is a technical indicator used to gauge the speed and strength of price movements. Typically, a reading below 30 is considered oversold, while above 70 denotes overbought conditions; however, it does not give absolute directional signals on its own.

Key short-term support at $560 to $570

Short-term charts show a more cautious picture. Analyst Sjuul points out that after an unsuccessful breakout attempt, BNB has fallen back to a crucial support zone. On the 12-hour chart, the $560 to $570 region has repeatedly seen buyers step in.

Since February, the price has bounced each time it approached this area. Conversely, the $675 to $690 range remains a strong resistance zone. The most recent upward attempt appeared promising for a short time but was quickly followed by a sharp pullback, which many in the market have described as a bull trap.

Binance shifts European licensing strategy

Amid these price movements, a regulatory development on the Binance front has gained attention in Europe. Binance, one of the world’s largest crypto exchanges, announced it has withdrawn its license application in Greece under the MiCA regulations and will seek authorization in another European Union country.

The company said the decision came after a renewed reassessment of the licensing timeline and process in Greece. Binance emphasized it remains committed to the European market and will continue to align with MiCA rules. The exchange expects to secure a license in the coming months and plans to complete all compliance steps required ahead of the July 1 deadline.

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