Binance Coin (BNB) Price: Surpasses $700 Amid Increased Trading Volume

TLDR

• BNB price has broken above $700 and shown strong upward momentum
• Technical analysis indicates a break above a key bearish trend line at $705
• Next major resistance levels are at $735 and $750
• Strong support established at $700 and $675 levels
• If price maintains above $700, analysts expect potential push toward $750-$800 range

The cryptocurrency market has witnessed a notable price movement as BNB, the native token of the Binance ecosystem, broke above the $700 price level. The upward movement comes after establishing strong support near the $650 zone, with technical indicators suggesting potential for further gains.

Market data shows that BNB initiated its latest upward movement after successfully holding above the crucial $675 support level. The price action demonstrated steady buying pressure, leading to a breakthrough above several key resistance levels, including the psychologically important $700 mark.

Technical analysis of the hourly chart reveals a break above a bearish trend line that had previously acted as resistance at $705. This technical development has caught the attention of traders and analysts, as it represents a shift in short-term market structure.

The price movement has taken BNB above the 100-hourly simple moving average, a technical indicator often used to gauge market momentum. This positioning above key moving averages suggests that buyers have gained control of the immediate price action.

Data from trading charts indicates that BNB has surpassed the 50% Fibonacci retracement level, measured from the recent swing high of $761 to the low of $650. This technical achievement adds weight to the bullish case, as Fibonacci levels often serve as important reference points for traders.

Trading volume analysis shows increased participation during the upward move, lending credibility to the price action. The volume surge coincides with the break above key resistance levels, suggesting genuine buying interest rather than a technical bounce.

BNB Price on CoinGecko

The immediate price structure shows the formation of higher lows and higher highs, a pattern typically associated with bullish market conditions. This pattern development has occurred alongside the break above the bearish trend line, reinforcing the potential for continued upward movement.

Looking at key resistance levels, traders are closely watching the $720 area, which coincides with the 61.8% Fibonacci retracement level. This price point may present the next challenge for bulls attempting to push the price higher.

The $735 level represents another crucial resistance zone that market participants are monitoring. A clear break above this level could open the path toward the $750 price target, according to technical analysis of the current market structure.

Support levels have been established during this move, with the $705 area now serving as immediate support. The psychological $700 level adds another layer of support, with buyers showing interest at this round number.

The market structure suggests that the $675 level has transformed into a strong support zone. This price point previously acted as resistance before the latest move higher, demonstrating the market principle of resistance turning into support.

The hourly Relative Strength Index (RSI) remains above the 50 level, indicating that momentum favors the buyers in the current market context. This technical indicator helps traders gauge the strength of price movements and potential reversal points.

Trading data shows that if the price maintains above the $700 support zone, the possibility of testing higher levels remains intact. The next major targets include the $735 and $750 resistance levels, based on current chart patterns.

In the event of a pullback, multiple support levels have been established. The $705 and $700 levels provide immediate support, while the $675 zone represents a more substantial support area based on recent price action.

Market participants note that a move below $675 could trigger a deeper correction toward the $662 level. However, the overall market structure remains constructive as long as the price holds above the $650 support zone.

The most recent price data shows BNB trading above the $700 level, with increased trading volume supporting the move higher. The price continues to show strength above key moving averages and technical support levels.

The post Binance Coin (BNB) Price: Surpasses $700 Amid Increased Trading Volume appeared first on Blockonomi.