BNB Price Finally Breaks Free From ‘Crab Jail’ – Is This the Start of a Bigger Move?

Binance Coin (BNB) is finally showing signs of life after spending several days stuck in a tight range between $635 and $650. Today, the price is at $653.73

Binance Coin (BNB) is finally showing signs of life after several days locked in a tight range between $635 and $650. Today saw a breakout from the wedge pattern, and the price is now at $653.73, up 1.71%, with trading volume jumping by over 17%, suggesting more traders are getting involved.

Two things stand out. Firstly, the price broke out of a falling wedge pattern, a classic bullish setup. That descending trendline, which had been acting as resistance since mid-May, finally gave way. Notably, BNB didn’t just break through; it also came back to retest the line and held above it, turning that old resistance into new support around the $655 level.

Secondly, Binance just announced a new airdrop for $HAEDAL tokens through its HODler Airdrops Portal, which is generating extra buzz. Together with the technical breakout, the news has caught the attention of traders, and of course, crypto Twitter. Top analysts BATMAN and Itachi highlighted the breakout, with one stating that BNB “flipped its old trendline” and the other adding that it “finally broke free from crab jail.”

Elliott Wave Setup Suggests Continuation For BNB Price

The BNB chart structure includes a completed five-wave downward impulse followed by a corrective ABC pattern. We are now in wave C of this corrective move. The next resistance is at $668.83, a horizontal level visible on the 1-hour chart. If broken, the price could extend toward the projected target of $690.

“$BNB just flipped its old trendline, now gearing up for a major move,” said BATMAN. This aligns with the current wave projection. Another tweet from Itachi reads, “Looks like BNB finally broke free from crab jail, moon mission might be on.” Both posts highlight the breakout sentiment observed in the technical indicators.

Moreover, Binance will be airdropping HAEDAL tokens to users who subscribed their BNB to Simple Earn or On-Chain Yields between May 10 and May 13. The total airdrop allocation is 30 million HAEDAL tokens, and the listing is set for May 21. Trading pairs will include HAEDAL/USDT, USDC, BNB, FDUSD, and TRY.

This announcement may have influenced BNB demand. A large token supply and multiple pair listings could draw in more traders, especially with the airdrops generating interest among users who will be receiving the tokens.