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Cryptocurrency News Articles

Binance Coin (BNB) Struggles to Hold Above $650 as Bulls Defend the $637 Level

May 15, 2025 at 06:06 pm

As the crypto market witnesses a slowdown this week, Binance coin struggles to hold above the $650 mark. Will this short-term weakness lead to a breakdown of the $637 support level and a retest of the 200-day EMA?

Binance Coin (BNB) Struggles to Hold Above $650 as Bulls Defend the $637 Level

Binance Coin (BNB) struggled to sustain its uptrend on Monday, May 15, despite bulls defending the $637 level as the crypto market experienced a slowdown this week.

At the time of writing, Binance coin was trading at $642, remaining above the crucial support level of $637. However, it appears that the BNB coin price action might be testing the 200-day exponential moving average at $615.

On the daily chart, the BNB coin price showed a bullish breakout from a falling channel pattern, with a 4% surge on Monday, May 8. During the rally, Binance Coin reached a peak of $670, encountering strong overhead supply at this level and leading to heavy price rejection.

Following this rally, Binance Coin has shifted into a sideways movement and now risks a pullback to the $637 support level. This short-term struggle is accompanied by a significant drop in the relative strength index (RSI), falling from the overbought zone near 75 to the 14-day simple moving average.

As bullish momentum fades, the likelihood of a deeper correction increases significantly. However, due to the ongoing breakout rally, the 50-day and 200-day exponential moving averages are nearing a golden crossover.

This crossover could trigger a bounce in Binance Coin, presenting an entry opportunity for price action traders. Additionally, the breakout from the falling channel pattern projects a 25% potential rally from the breakout point, targeting the $758 level.

However, a drop below $637 could test the 200-day EMA at $615. If the decline extends below the broken support trendline near $600, the bullish breakout pattern will be invalidated.

Optimism in the Derivatives Market Suggests a BNB Rebound

Despite the short-term pullback, Binance traders remain optimistic about BNB. According to CoinGlass data, 66% of Binance traders currently hold long positions on the BNB coin, pushing the long-to-short ratio to 1.97 and reflecting strong market confidence.

Moreover, a significant portion of traders are setting their stop-loss orders above the 200-day EMA, indicating a belief that any further decline is limited.

DEX Volume and TVL Skyrocket on Binance Smart Chain

Supporting the bullish outlook for BNB, the Binance Smart Chain is witnessing a significant surge in both total value locked (TVL) and decentralized exchange (DEX) volume.

According to DeFiLlama, TVL has risen to $6.17 billion, while 24-hour DEX volume climbed to $2.51 billion as of May 15.

With this increase in DeFi activity, demand for BNB within the ecosystem is likely to grow.

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Other articles published on Jun 08, 2025