BNB has shown remarkable strength in recent trading sessions. The cryptocurrency has established a solid foundation above $600 and is now targeting higher levels. Technical indicators suggest a potential push toward $750.
Current Market Dynamics
BNB’s price action demonstrates impressive momentum. It has broken through multiple resistance levels, surpassing both Ethereum and Bitcoin in recent gains. The token currently trades above $665, maintaining position above the 100-hourly simple moving average.
Technical Analysis
A bullish trend line has formed at $660. This coincides with the 50% Fibonacci retracement level from the recent swing low of $596 to the high of $732. The MACD indicator shows increasing bullish momentum. The RSI remains above 50, confirming the upward trend.
Key Price Levels to Watch
- Immediate Resistance: $700
- Secondary Resistance: $732
- Major Target: $750
- Critical Support: $665
- Secondary Support: $650
Market Implications
BNB’s strong performance could signal growing confidence in the Binance ecosystem. A breakthrough above $732 might trigger a rally toward $800. However, traders should watch the $700 resistance level carefully.
Advertisement
Trade BNB with up to 100x leverage on DeFX. Access advanced trading features and multi-collateral support.
Risk Considerations
A failure to break $700 could trigger a pullback. Support at $665 and $650 must hold to maintain bullish momentum. A drop below $635 might lead to further decline toward $600.
Source: NewsBTC
Tags: #BNB #CryptoTrading #BinanceCoin #TechnicalAnalysis #CryptoMarkets