Binance Coin (BNB) price dipped to $239 amid heightened selling pressure
Binance Coin has rebounded from a low of $239 after a period of broad profit-taking across the cryptocurrency market. BNB fell from recent highs near $267 to the low, then saw buying interest push the price back toward $263 as bulls attempted an immediate recovery.
With the wider market sell-off easing and Bitcoin reclaiming levels above $55,000, BNB bulls are seeking momentum to challenge a key resistance area and push prices higher.
BNB/USD price analysis
BNB failed to hold gains above $300 and reversed lower following a sharp sell-off that hit Bitcoin earlier in the week. On the hourly chart, the token continued to decline after dipping below the 100-hour simple moving average.
Profit-taking—likely driven by traders reacting to market volatility—left BNB/USD trading inside a descending parallel channel. However, long lower wicks visible on candlesticks from Monday and Tuesday indicate persistent buying interest from bulls.
Buyers have used the pullbacks as buying opportunities, snapping up the two most significant dips this week and helping the price rebound on each occasion.
Currently, Binance Coin is trading above the upper boundary of that parallel channel, suggesting a short-term shift in momentum.
The hourly RSI has moved above the midpoint and sits around 51, signaling a slight advantage for bulls. The hourly MACD also points toward a potential bullish turn if momentum continues to build.
Near-term resistance comes into view around $260. If bulls can push and sustain prices above this level, the next target would be the 100-hour SMA near $266.
A decisive close above $266 could enable buyers to challenge the major supply zone around $280. Clearing that zone would open the possibility of retesting $300, and if upward momentum continues, could set the stage for a move back toward the February high near $342.
Alternatively, failure to sustain the recent gains could send BNB back into the descending channel, with sideways trading likely between $250 and $240. A break below that range would expose lower support, with the psychological $200 level the next notable area to watch.