Binance Coin [BNB] gears up to challenge the $625 resistance once again

In February, the crypto market leaders Bitcoin [BTC] and Ethereum [ETH] saw their steepest declines for the month in ten years.

The cryptocurrency markets experienced significant volatility in February, with market leaders Bitcoin and Ethereum enduring their steepest monthly declines in ten years.

This factor contributed to the broader market fear, and in general, the altcoins saw more losses than BTC.

The volatility on Monday saw Binance Coin affected less than some other alts— BNB fell 12.42% compared to ETH’s 19.73% drop to the respective swing lows.

A closer look at the HODL waves revealed profit-taking activity as the exchange token touched the $600 mark in the second half of 2024.

In the past three months, the waves displayed some HODL behavior again. Could this signal a new uptrend for BNB?

As Binance Coin price action encountered the $625 resistance level once again, fresh buying opportunities emerged for traders to consider.

Binance Coin faced less volatility on Monday compared to Ethereum, yet it still experienced relatively high volatility over the past six weeks.

There were three main levels for BNB traders to keep an eye on—the $721 resistance, the $534 support, and the $620-$640 zone, which acted as both resistance and support.

The price swung broadly across this crucial S/R level, reducing its significance compared to December and January.

Over the past month, the RSI remained below the neutral 50, indicating that downward momentum was stronger. The OBV also experienced some pullback.

On a shorter timeframe chart, traders could plot the local highs at $620 and $680 as key resistances.

However, at present, it would be more appropriate to view BNB as a ranging asset rather than a trending one. Therefore, a move above $620 and a retest as support could present a buying opportunity for traders.