BNB surged above both the $650 and $700 levels. Currently, the bulls remain active above $650 and are targeting further gains above the $720 mark.
BNB price is gaining momentum above the crucial $650 resistance zone, supported by a major bullish trend line forming with a strong support level at $600 on the daily chart. The current price action signals a potential major breakout, setting the stage for a move towards the next resistance zone at $800.
BNB Price Surge and Outlook
After consolidating above the $500 level, BNB price began a notable increase, encountering resistance at $620 and $632 multiple times. Recently, bulls successfully breached the $632 resistance, buoyed by Binance’s announcement of the inaugural Binance World Championship with $4.2 million in prizes.
Source Binance: X
BNB price surged over 10% in recent sessions, surpassing the $700 resistance zone and outperforming Bitcoin and Ethereum. It stabilized above $620 and the 50-day simple moving average, reaching as high as $716 and currently consolidating gains.
BNB/USD daily chart | Source: TradingView.com
Currently, BNB shows positive signs, trading above the $670 resistance and aiming for an upside break above $710 and $720. A decisive move and close above $720 could pave the way for further rallies, with the next major resistance likely near $750. A breakthrough above $750 could propel BNB towards $800, potentially extending gains to $820.
BNB Price Support and Potential Retracement
If BNB encounters resistance near the $720 zone, a price correction may occur. Immediate support levels include around $670 or the 23.6% Fibonacci retracement level from the recent upward move, spanning from the $514 swing low to the $716 high.
The first significant support level forms around the $620 pivot, with a major bullish trend line also emerging at $600 on the daily chart. The critical support rests near $600. A daily close below this trend line and $600 could escalate selling pressure.
In such a scenario, BNB price might decline and revisit the $560 support area or the 50-day simple moving average (blue). Further downside pressure could see bears targeting a test of $500.
Overall, BNB is displaying bullish momentum above the $660 and $680 levels. A breakout above the $720 resistance barrier could propel the price towards targets at $750 or potentially even $800.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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