BNB's price is demonstrating a renewed upward trajectory from the $600 support threshold, with recent movements indicating a potential climb toward the $750 resistance zone.
Following a solid performance above the $650 resistance level, BNB is currently trading at over $665, well above its 100-hour simple moving average.
A notable bullish trend line reinforces this position, providing key support around the $660 mark on the BNB/USD hourly chart, according to Binance data. To sustain this growth, it is crucial for the pair to maintain levels above $650, setting the stage for additional gains.
After establishing a base above $600, BNB experienced a significant uptick. This surge saw the price advance past the $620 and $650 resistance levels, peaking at $732 and outperforming both Ethereum and Bitcoin.
Although a slight correction brought the price back under the $700 support, it remains strong above $650 and its 100-hourly moving average. A bullish trend line supports this momentum, close to the 50% Fib retracement from the $596 swing low to the $732 peak.
If BNB can muster another increase, resistance might first appear at the $700 mark. Should it break this level, the subsequent target becomes $720. A definitive move above $720 could propel BNB further upward, potentially reaching the $732 high again. Surpassing $732 may pave the way for a more extensive move toward $750, with subsequent potential gains testing the $800 level.
Failure to breach the $700 resistance could trigger a downward trend. Initial support would be encountered around the $665 level, followed by a more substantial support at $650. The primary support remains at $635, and a break below this threshold might descend the price toward $620. Any further decline could result in a significant drop back toward the $600 level.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.