Binance Coins price struggles to surpass the $640 supply zone. Will the growing BSC network fuel the next breakout rally to $672?With growing volatility in the market, BNB price witnesses an intraday pullback of 1.72%. Currently, the BNB token trades at a market price of $617 and records a 7-day return of 11.39%. Despite the short-term recovery, the BNB token price trend warns of a steeper correction. Will this pullback result in a downfalling Binance Coin price to $570? Let's find out.Binance Coin Price Struggles at $640The 4-hour price chart shows Binance Coin's price showcases a quick V-shift reversal from the $531 level. This recovery run has surpassed the local resistance trendline for a breakout rally. Binance Coin PriceHowever, the post-retest reversal run in Binance Coin fails to surpass the crucial supply zone at $640. The bullish struggle led to a short consolidation phase followed by a pullback. Currently, the pullback in Binance Coin is testing the 50% Fibonacci level at $670. The bullish failure has led to a bearish crossover in the MACD and signal lines. With the resurgence of negative histograms, the momentum indicator triggers a sell signal. However, the supertrend indicator maintains a bullish line at $601.9. As Binance Coin creates its third consecutive bearish candle, the lower price rejection reflects the 50% Fibonacci level absorbing the incoming supply. Still, given the growing volatility in the market, the coin's price is likely to test the $600 psychological mark.Binance Smart Chain GrowthDespite the growing fear of a pullback, the BNB Chain is witnessing significant growth. As per a recent tweet by Elja Boom, the founder of OKSE, the BNB season is getting closer. https://twitter.com/Eljaboom/status/1901718777752117455/The Binance Smart Chain recently flipped Solana to rank number one in 24-hour Decentralized Exchange trading volume. Furthermore, the Total Locked Value (TVL) has increased by 7% weekly over the past seven days. Currently, the TVL of Binance Smart Chain stands at $5.334 billion. With the recovery in the DeFi space, PancakeSwap, built on BSC, has become the #1 DEX by revenue over the past 24 hours, as per the tweets timeframe.Furthermore, bridging activity over Binance Smart Chain has significantly increased, primarily from Ethereum.Binance Coin Price TargetAs network growth is likely to fuel demand for Binance Coin, the market price could see significant upward momentum. However, the price action analysis suggests a breakout above the $640 supply zone is needed for bullish confirmation.Beyond this, Fibonacci levels suggest price targets extending from $672 to $717. On the flip side, key support levels are at the 38.2% Fibonacci level around $595, and the 23.6% level at $570.
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