Peter Smith
⬤ Binance Coin is defending a critical technical zone, sitting just above the lower boundary of its long-term ascending channel. The weekly chart reveals BNB consolidating near this channel support following a retreat from recent highs. Holding this structure puts the asset at a turning point where the next major move could shape the trend for months to come.
⬤ The chart displays a clear ascending channel that's been guiding price movement for years. Recent weekly candles are bouncing off the lower trendline, showing sellers haven't taken control yet. Trading volume has noticeably increased compared to prior weeks, pointing to growing market interest as price tests this support zone. "The behavior supports the view that buyers are actively defending the lower boundary of the channel rather than price breaking down immediately," according to market observers. This activity suggests bulls are stepping in to protect the channel structure instead of letting it collapse.
⬤ If support holds firm, the chart points to several upside targets based on previous structure and channel geometry. The first checkpoint sits around $1,090, with a stronger resistance zone near $1,380 above that. The channel's upper boundary lines up with the $2,100 area, marking a longer-term resistance target. These levels come from historical price reactions and the channel's angle, not just short-term momentum signals.
⬤ This setup carries weight for the broader crypto market since Binance Coin often reflects overall market sentiment. When price maintains an ascending channel, it typically signals trend continuation, while breaking below would indicate a shift in market structure and risk appetite. With BNB holding at key technical support and volume showing stronger participation, how the market responds here will likely shape expectations for volatility and direction in the coming weeks.
Peter Smith
