An ascent attempt occurred on May 21. The bulls tried to gain momentum by surpassing the $631 resistance level, but they failed to gather enough strength. This failed move led to uncertainty in the market and BNB fell back into the current range.

However, this horizontal trend does not mean complete stagnation for BNB. Technical analysis can give clues about BNB price movements in the coming period.

The most important technical hurdle for BNB is the $635 resistance level. Breaking this level could put BNB on an upward momentum towards its May peak of $692. This move could boost investor morale, increasing demand for BNB.

BNB is trading above its short-term moving average, the 21-day SMA, and its long-term moving average, the 50-day SMA. This usually indicates an upward trend. However, during periods when price movements are unstable, moving averages also serve as important support levels.

If BNB price starts to decline, the 21-day SMA could act as a strong support level. At this level, it is possible that investors will find the falling price “advantageous” and tend to buy, and BNB will rise again.

However, if BNB falls below the 21-day SMA, this could undermine investors’ confidence and create selling pressure towards lower price levels. In this case, BNB may need to find new support at or below the 50-day SMA.

When we look at the price movements in recent weeks, we notice that doji candles are frequently seen. Doji candles are candles with small bodies and long wicks up and down, where the opening and closing prices are close to each other. These candles indicate that uncertainty prevails in the market and buyers and sellers are competing with each other in balanced strength.

Additionally, the long upper wick seen at the last peak reveals that there is significant selling pressure at that level. This may suggest that BNB may have difficulty breaking the $631 resistance.

Although it is difficult to predict how BNB will behave in the coming period, technical analysis can give us some clues. Breaking the $635 resistance could be a positive signal for an uptrend, while a break below the 21-day SMA could trigger a bearish trend.

However, technical analysis alone is not enough. There are other factors that affect the price movements of BNB. These include factors such as the general situation of the cryptocurrency market, Bitcoin’s price movements, the activities of the Binance exchange and the expansion of the usage areas of BNB coin.

As a result, it is important for BNB investors to follow technical analysis data, closely monitor market developments and make investment decisions by taking all these factors into consideration.