BNB Price Analysis of March 7, 2025: BNB Recovers from $577 Crash, Aiming to Break Through $600 Next

If you are tracking Binance Coin and wondering why there was a V-shaped recovery in the BNB price today to the upside, then this analysis is for you. As we go through the analysis, we will determine the support and resistance levels and explore the reason for the sudden drop and rise, as the BNB price today shows some bullish momentum. Without any further delay, let’s dive into the BNB price analysis and see what’s going on in the BNB price today.

BNB Price Analysis of the Last 24 Hours

At 01:40 UTC, the price broke out from a range to the upside and formed a spike. At 01:45 UTC, RSI showed an overbought market condition, which helped in the formation of a converging triangle pattern. The pattern broke out to the upside at 04:00 UTC, corroborated by a Golden Cross of MACD at the same time.

The price spiked to the upside, and an expanding triangle formed, marking the high of the day at $613. The expanding triangle broke out to the downside at 06:30 UTC and formed a spike and channel pattern. The channel broke out to the upside in the hope of continuing the ongoing uptrend, but the breakout soon developed into a range.

Chart 1: Analysed by vallijat007, published on TradingView, March 7, 2025

The range broke out to the downside at 12:35 UTC and formed an expanding triangle pattern. At 14:40 UTC, RSI showed an oversold market condition and helped push the price upward, and a breakout happened to the upside of the expanding triangle. However, that breakout soon failed, and a minor converging triangle developed. 

The minor converging triangle broke out to the downside at 16:50 UTC and formed a spike. The spike was followed by a converging triangle, which broke out to the upside at 19:40 UTC, and a spike and expanding triangle pattern developed. At 20:25 UTC, RSI moved above the level of 70, indicating the overvalued price of BNB. The expanding triangle broke out to the downside at 00:15 UTC and marked the low of the day at $577.

BNB Price Analysis of March 7, 2025: Is the Recent Downtrend Just a Pullback?

In the meantime, RSI dropped below the level of 30, indicating a reversal or at least a pullback. After marking the low of the day, BNB spiked to the upside and formed a channel. The channel broke out to the downside at 03:45 UTC, but it proved to be only a pullback and again moved to the upside. Another channel appeared, which again broke out to the downside at 06:10 UTC, and a range developed. 

The range broke out to the downside at 07:30 UTC, and another range appeared. This range broke out to the upside at 09:00 UTC. If the breakout succeeds, the price may reach the recent high, and this downward movement may prove to be only a pullback in the ongoing BNB price trend upward.

BNB Price Trend at a Crossroad: Will It Break Out or Continue Ranging?

As analyzed above, it is clear that BNB showed some bearish movement, but the rise from its recent low is proving critical in determining the direction of the BNB price trend. As both sides show their presence, BNB might develop a range for some time before breaking out to either side. Traders and investors are encouraged to take a look at the price chart of BNB and analyze it themselves. Risk management and position sizing are the only ways to succeed.