Recent analysis shows BNB has completed its fifth wave impulse move and is now in an ABC pattern correction phase, impacting key support levels.
Elliott Wave and ABC Correction Analysis
A tweet from Alpha Crypto Signal explains BNB has completed its impulsive five-wave cycle. Wave 3 was the largest upward movement, and Wave 5 peaked before the correction began. The corrective phase follows an ABC structure. Wave A, indicating the first downward move, is completed. Currently, BNB is in the B wave retracement stage, which may push the price toward the $700 region. The B wave aligns with the trendline resistance that previously served as support. The analysis also hints that the C wave may not lead to a significant drop due to BNB’s inherent strength; a manipulated drop towards $520 is possible, but confirmation is still pending.
Moving Averages and Volume Analysis
The 9-period EMA stands at $626.91 and the 50-period SMA at $604.53. Trading above 50-SMA, which is a long-term support, can signal a rebound if sustained on a bullish note. However, breaking below $600 might result in further decline towards supports around $500-$550. Volume analysis shows that strong volume surges typically accompany uptrends. In contrast, volume decreases during corrections indicate market uncertainty. Today’s moderate volume suggests a balance between buyers and sellers as BNB negotiates its corrective phase.
Trading Strategies and Final Outlook
The analysis recommends closely watching BNB as it approaches the trendline resistance near $700. If BNB breaks above $700, the ABC correction may be invalidated, potentially restarting a new bullish impulse. Conversely, rejection at $700 could see the price drop toward $500-$550. At the time of writing, BNB is trading at [$627.15](https://www.coingecko.com/en/coins/bnb) with a 0.88% decline in the last 24 hours and a 2.57% increase over the past week. Traders should monitor key support levels and wave patterns to guide future decisions as BNB’s corrective phase unfolds.
The BNB's corrective phase in ABC format offers key observation points for traders. Hitting key resistance and support levels may determine future price movements.
