Binance Coin (BNB) has been trading near its crucial $634 support level, sparking uncertainty among investors and market analysts. The cryptocurrency's price action has been volatile, with buyers repeatedly defending this level in the past.
According to crypto analyst Orvillo, BNB is testing a major trendline support at $634 on the daily chart. Historically, a bounce from this region has triggered a rapid rally to higher prices.
The potential for another upward reaction is being closely monitored by market participants, who are waiting for signs of renewed buying or a slide below support. If the support holds, another upward move could be possible.