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BNB rebounded from its recent drop on Tuesday, rising more than 2% to an intraday high of $636 as dip buyers stepped in and the broader crypto market recovered. The move coincided with Bitcoin trading above $76,000 amid investor expectations of a potential U.S.-Iran peace deal.
BNB price rose over 2% to $636 on Tuesday, lifting its market capitalization to more than $85.5 billion. The token’s gains followed buying interest after a drop on Monday, with BNB moving in line with the wider market recovery.
That broader rebound was triggered by Bitcoin breaking above $76,000, a development investors linked to hopes that a peace deal between the U.S. and Iran could end months of war-related tensions.
On the daily chart, BNB has formed a bullish double bottom pattern over the past three months. The neckline of the pattern is at $680.
In typical technical analysis, a confirmed break above the neckline can signal a stronger rally. Based on the pattern’s measured move, BNB could target as high as $800 if it breaks out above $680.
Other technical signals also point to improving short-term momentum. The Aroon Up indicator is at 78.57%, while Aroon Down is at 35.71%. The MACD lines are pointed upwards and remain above the signal line, suggesting bullish momentum is strengthening.
Near-term levels highlighted in the analysis include $680 as the immediate resistance tied to the double bottom neckline, while $650 is described as a key psychological support level for buyers.
Despite recent volatility in spot prices, derivatives activity has been steady. Open interest in BNB futures rose 7% to $998 million, indicating limited change in institutional positioning.
The long-short ratio remains below 1, suggesting traders are still cautious even as prices have recovered.
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