BNB Price Action Turns Cautious: Will April 29 Loremtz Mainnet Upgrade Lead to a Binance Coin Surge to $634?

After a vigorous increase on April 23, Binance Coin (BNB) collided with resistance at $620 before its sudden price decline. The BNB price has dropped by 2% in the past 24 hours to $605, as its daily trading volume plummets 4% to $ 1.76 B. This drop indicates a decrease in market activity, as the bulls try to gain stamina in the market.  The steep market withdrawal from BNB despite normal volatility patterns in the crypto space creates uncertainty about future BNB performance.

Why Did BNB Drop After Touching $620?

The market showed resistance to BNB when it reached $620, leading to an immediate price correction. The constant rise of BNB price action reached its limit, prompting short-term traders to withdraw their profits. The usual reaction occurs when a price reaches a critical psychological milestone that previously led to strong resistance. The current market mood has contributed to the decrease in the BNB price. The market reactions to both Bitcoin and Ethereum demonstrate consolidative behavior, but the price changes in altcoins, including BNB, remain highly volatile due to market forces. 

#BNB Chain's massive upgrade is coming soon.

On 29th April, @BNBChain Loremtz mainnet hardfork will happen.

This will cut block time into half, thus speeding up transactions and improving UX.

BNB Chain is getting better and better. pic.twitter.com/SNc6K2sn43

— Elja (@Eljaboom) April 24, 2025

Meanwhile, Binance Coin has the potential to reclaim the $620 resistance key or even break above the level. This is because of BNB’s massive upgrade, which is set to take place on April 29. According to Elja, Loremtz’s main net hard fork will happen. This will cut block time in half, thus speeding up transactions and improving UX.

Can BNB Hold Above $600 or Is a Deeper Pullback Likely?

The market has adopted $600 as an essential psychological and technical barrier for Binance Coin (BNB). A sustained position above this level suggests bulls maintain dominance after the previous rejection. The price of BNB remains at risk of a short-term bearish trend after a move below $600 support would trigger more sellers to push the token price down to test $580 support or lower levels.

Technical indicators are currently mixed. The RSI has softened its position from highly bullish territories, stabilizing at 54. The recent correction enabled the bulls to sweep through liquidity, which could lead to a significant upside. Meanwhile, trading volume decreases when purchasers show a weak commitment to supporting BNB’s current price levels.

Chart 1- Binance Coin (BNB) price chart, provided by Emmaculate, published on TradingView, April 24, 2025.

Meanwhile, if the $519 support level, which coincides with the 50-day MA, holds, the BNB price could break out to the upside. BNB would break through the $620 resistance key toward the next technical barrier at $634 in such a case. A breach above this level will open the doors for further upside, with a potential rally toward 636 and 643 affirming the bullish sentiment.   

On the downside, if early profiteering dominates, the BNB price action could breach the key support at $600. A breakdown below this level will call for a deeper correction to $596, which will be in line to absorb the potential selling pressure. 

What’s Next: Is the BNB Rally Over or Just Paused?

The recent BNB price movement displays all the characteristics of a naturally occurring market retreat. The price rejection at $620 marks an integral part of market dynamics, which causes assets to rest and consolidate gains after substantial price movements. The market rest period for BNB could be temporary as the cryptocurrency fundamentals remain positive while support areas stay intact.

Market participants should track the price activity around $600 and $615 for BNB. If the price breaks below support levels, it has the potential to continue its downward movement. However, if it surpasses resistance levels, it might launch another upward trend. The cryptocurrency market currently prioritizes BNB as an asset that demonstrates qualities of consolidating and continuing upward trends.