Key Resistance at $610 Could Determine Next Major Move

TLDR

• BNB price is consolidating above the $595-$600 support zone with a rising channel formation
• Technical indicators including MACD and RSI show bullish momentum building
• A clear move above the $610 resistance could trigger a rally toward $620-$635
• BNB is among the most resilient altcoins, trading only 10% below previous cycle’s all-time high
• BNB Chain shows strong fundamentals with 1.1 million daily active addresses and over 5,600 DApps

Binance Coin (BNB) is showing signs of a potential breakout as it consolidates above key support levels. Currently trading around $602, BNB has established a strong base above $592 and is testing important resistance levels that could determine its next major move.

The fifth-largest cryptocurrency by market capitalization has formed a key rising channel with support near $600 on the hourly chart. After reaching a local high of $611, BNB experienced a minor correction but quickly found support at $598, indicating strong buying interest at current levels.

Technical indicators are turning positive. The MACD for BNB/USD is gaining momentum in the bullish zone, while the RSI remains above the 50 level, suggesting healthy buying pressure without reaching overbought conditions.

BNB has emerged as one of the most stable cryptocurrencies during the current market cycle. Unlike many altcoins that have experienced drops of up to 98.5% from their all-time highs, BNB has shown remarkable resilience, currently trading only about 10% below its previous cycle’s peak.

This price stability comes with solid fundamentals. BNB Chain processes approximately 4 million daily transactions, putting it ahead of Ethereum but behind Tron and Solana in transaction volume.

Key Support and Resistance Levels

On the upside, BNB faces immediate resistance near $606 and the 61.8% Fibonacci retracement level of the recent decline from $611 to $598. The critical resistance sits at $610, which coincides with the upper boundary of the descending wedge pattern.

A decisive break above $610 could spark a larger upward movement. If buyers maintain momentum, BNB could test $620 and potentially extend gains toward the $635 resistance. Any further strength might push the price to the $650 level.

Support levels are equally clear. The first line of defense is at $600, followed by $598. The main support sits at $592, and if breached, could lead to a decline toward $585 or even $580.

Market analysts note that BNB’s price movement forms a descending wedge pattern that typically precedes a breakout. However, confirmation requires a clear closing price above $610. Without this confirmation, BNB might continue consolidating or experience a short-term correction.

The volume profile will be crucial for any sustainable breakout. A surge in trading activity combined with price action above $610 would strengthen the case for a continued rally.

BNB’s market resilience is backed by a strong ecosystem. According to DappRadar, BNB Chain supports 5,686 decentralized applications, surpassing Ethereum’s 4,987 DApps. This extensive development activity provides fundamental support for BNB’s value proposition.

BNB Chain also ranks third in total value locked (TVL) in DeFi with $5.8 billion, behind Ethereum and Solana. The platform has been paying special attention to its DeFi activity, with its decentralized exchange volume briefly outpacing all other blockchains in March.

In terms of daily active addresses, BNB Chain performs well with about 1.1 million users, ahead of Ethereum and XRP Ledger but behind Tron and Solana.

One area where BNB Chain could improve is revenue generation. In 2024, it ranked fifth in fee generation with $194 million, well behind Ethereum’s $2.5 billion and Tron’s $2.1 billion. This trend has continued into 2025, with BNB Chain maintaining its fifth position in the revenue rankings.

The current market situation for BNB represents a critical juncture. The coming days will determine whether the token can break through its resistance and continue its upward trajectory or if it will need to retest support levels before making another attempt.

For now, BNB maintains its position as one of the more stable investments in the cryptocurrency space, with technical indicators suggesting increased buying pressure and the potential for further gains if key resistance levels are overcome.