BNB is showing renewed strength after a prolonged consolidation phase, pushing into a key supply zone that could determine its next major move. The cryptocurrency is testing the $665–$685 resistance area, a level that has held for weeks. Analyst IFreqs notes that BNB's price action reflects a potential breakout — or a rejection that sends it back into lower trading ranges.
The W-X-Y Pattern on the Daily Chart
Technical analysis suggests BNB may be in the final stages of a corrective sequence on the daily timeframe. The pattern, identified as a W-X-Y structure by Elliott Waves Academy, points to a bearish outlook. In this setup, wave X appears as a continuation pattern. A break below current support would confirm wave Y, with a primary downside target of $280.87. That level marks a potential bottom for the correction. Completion of wave Y near $280.87 could then set the stage for a major trend shift and the start of a new long-term upward cycle.
What a Break Above $685 Would Mean
On the other side of the ledger, IFreqs highlights that BNB is revisiting the $665–$685 supply zone with renewed strength. A successful reclaim and sustained move above that range could open the door for a continuation rally toward $823. That target represents a roughly 20% gain from current levels. Traders are watching to see if buying pressure can absorb supply at resistance and push through.
The Risk of a Rejection
Failure to maintain momentum at the current resistance zone could trigger another rotation back into the lower trading range. If BNB cannot hold above $665, the price may slide toward the $600 area or lower, depending on the strength of the pullback. The corrective W-X-Y pattern remains in play until a decisive break either above resistance or below support confirms the next direction. The $280.87 target, while far off, would only come into focus if the current support levels break.
For now, the $665–$685 zone will determine whether BNB extends its recovery or resumes its corrective path.
