BNB outshines altcoins with a robust ecosystem – Is a breakout to $680 next?

• A BNB breakout to $680 was in sight after the retest of the $534 lows.
• The regular promoting mirrored on the OBV meant a bullish transfer (past $720) would seemingly not materialize quickly.

In February, the crypto market leaders Bitcoin [BTC] and Ethereum [ETH] noticed their steepest declines for the month in ten years.

This compounded the concern throughout the market, and the altcoins skilled extra losses than BTC on the whole.

The volatility on Monday noticed Binance Coin [BNB] affected lower than another alts– BNB fell 12.42% in comparison with ETH’s 19.73% drop to the respective swing lows.

An examination of the HODL waves confirmed that there had been profit-taking exercise, because the alternate token reached $600 within the second half of 2024.

Previously three months, the waves confirmed some HODL habits once more. Might this see a brand new uptrend for BNB?

BNB gears as much as problem the $625 resistance as soon as once more

Supply: BNB/USDT on TradingView

Whereas BNB may need seen much less volatility on Monday than Ethereum, it has nonetheless been fairly unstable all through the previous six weeks.

There have been three key ranges for BNB merchants to observe — the $721 resistance, the $534 help, and the $620-$640 zone in between that has acted as each resistance and help.

The worth has swung wildly throughout this important S/R stage, diminishing the significance it held in December and January.

Over the previous month, the RSI has been under impartial 50 to point downward momentum was prevalent. The OBV has additionally witnessed a retreat.

The decrease timeframe charts confirmed the native highs at $620 and $680 had been key resistances.

But, as issues stand, it could be higher to deal with BNB as rangebound than a trending asset. Therefore, a transfer past $620 and a retest as help can be a shopping for alternative.

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion