LIVEBy November, the price had reclaimed $234 as support.After a temporary breach of this support towards the end of the month, the price resumed its northbound trajectory by mid-December.
In a turnaround, the latter half of December saw BNB's price ascend above $305. The momentum gained more strength in February as the price sustained a strong uptrend. Despite the overbought market, the asset surpassed most expectations, flying past the psychological $500 mark by March. Thus, a new high resistance was established at $607.
This level has been tested repeatedly since mid-March, marking a phase of consolidation. Even as the broader market crashed in April, BNB did not shed much of its gains, maintaining a relatively stable momentum between the high resistance and the support at $530. At press time, BNB exchanged hands at $568.
AMBCrypto pointed out that the liquidation heatmap from the previous month showed the $615-$625 range as a significant area for price action. Therefore, there's a possibility that BNB could reach this zone and then decline further.
Additionally, attention should be given to the smaller liquidity areas at $570 and $535 to the south. These could be critical points where BNB might decrease before experiencing a bullish reversal.
$BNB can likely target the price level at $700 in the long term. This entails that the price can reclaim its all-time high (ATH). Yet, there’s also a possibility that the price can face retraction at this level.
On the other hand, recent reports suggested that the situation might deteriorate as the altcoin's popularity declined. According to AMBCrypto, there has been a significant drop in Social Volume over the past few days. Additionally, the overall Weighted Sentiment has also decreased, indicating a substantial rise in negative comments about BNB recently.
These elements could adversely affect BNB's price movements. It could trigger a fall below the current support. An increase in selling pressure would precipitate a potential movement toward the $460-$475 .
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