TLDR
- BNB price is rising from $580 support zone, now trading above $600
- Kraken Exchange is set to list Binance Coin (BNB) with trading pairs like BNB/USD and BNB/EUR
- BNB has been consolidating in an accumulation zone between $500-$630 for several months
- Technical indicators show bullish momentum with support at $600
- A breakout above current resistance could signal a major trend shift toward $740
Binance Coin (BNB) has reclaimed the $600 price level, showing bullish momentum as it rises from the $580 support zone. The price increase comes as Kraken Exchange prepares to list BNB, potentially opening the cryptocurrency to a wider investor base.
BNB is currently trading at $611.52, up 2.57% in the last 24 hours with a trading volume of $1.66 billion. The market capitalization stands at $86.15 billion, with a 7-day increase of 5.06%, suggesting further upward momentum may be building.
The cryptocurrency has formed a base above the $580 level and started a fresh increase. There was a move above the $595 and $600 resistance levels, mirroring similar patterns seen in Ethereum and Bitcoin’s recent price action.
Bulls pushed the price above the $610 level, forming a high at $620 before experiencing a minor downside correction. The price now trades above both $600 and the 100-hourly simple moving average.
Technical analysis reveals a connecting bullish trend line forming with support at $611 on the hourly chart of the BNB/USD pair. The MACD indicator is gaining pace in the bullish zone, strengthening the case for continued upward movement.
Kraken Listing Boosts Investor Interest
On April 22, 2025, Kraken Exchange announced it would list Binance Coin, introducing trading pairs including BNB/USD and BNB/EUR. This move enhances BNB’s accessibility to a broader investor base and could potentially lead to increased demand and liquidity.
Market analysts are watching BNB closely, anticipating the price could reach new heights as trading activity unfolds on the platform. The listing is seen as evidence of growing institutional interest in Binance Coin.
Trading is scheduled to begin at 14:00 UTC on Kraken, with many investors and traders monitoring BNB movement to identify optimal entry points.
Price Action Analysis
BNB’s price movement over the past two days shows interesting patterns. On April 21, BNB started with upward momentum, reaching $608 before encountering resistance. A subsequent drop brought the price to $600.05, where it found support.
Later in the day, the price experienced another decline, breaking support at $598.54 and dropping to $594. However, BNB found support at this level and closed the day at $597.
On April 22, BNB began with upward momentum, breaking resistance at $598 and reaching $602. After a brief pullback, the price continued its upward trend, breaking through the $602 resistance level.
#BNB Price Update 🚨Key Level Ahead
BNB is holding above a strong support zone and now approaching a key descending trendline. The $600–620 range remains a strong resistance zone to watch.
A breakout above this trendline could shift the structure bullish, with the next major… pic.twitter.com/93v942Njdu
— CRYPTOMOJO_TA (@CRYPTOMOJO_TA) April 20, 2025
Potential for Further Gains
BNB has been consolidating within a strong accumulation zone between $500-$630 for several months, similar to the range it held in 2022-2023 before breaking out into a strong uptrend. Despite recent pullbacks, its price remains structurally bullish as long as it holds within this accumulation zone.
On the upside, BNB could face resistance near the $618 level, with the next resistance at $620. A clear move above $620 could send the price higher, potentially testing $635. Breaking above $635 might set the pace for a move toward $650, with potential to reach $665 in the near term.
Some analysts see similarities to the 2022 pattern, suggesting a breakout above $630 could ignite a rally to $740. This price point previously served as resistance and could become a target if current resistance levels are overcome.
On the downside, if BNB fails to clear the $620 resistance, it could start another decline. Initial support is near $611, with major support at $600. A break below $600 could lead to a drop toward $585 or even $580.
BNB displays impressive resilience as it stays above the pivotal $600 support. This price range has acted as a solid base, with multiple tests against it proving successful, indicating strong buying interest from bulls.
With Kraken’s listing and positive technical indicators, many market participants are watching BNB with interest. The cryptocurrency’s price action in coming days will determine whether it can sustain momentum and reach new highs.
BNB is currently testing resistance in the $626 to $638 range, which aligns with the 50% Fibonacci retracement of its recent price action. Breaking above the descending trendline would signal a major shift in BNB’s structure and could indicate a transition into a stronger bullish phase.
As always, market conditions can change rapidly, and investors should conduct thorough research before making investment decisions.
