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- BNB price climbs 0.92% to $664, with a trading volume of $1.62B, eyeing a breakout above $700 soon.
- A breakout from the falling wedge and above the 200-day SMA signals further bullish momentum.
- With an RSI of 57.58, BNB shows healthy growth potential, avoiding overbought conditions for further gains.
BNB coin is currently trading at $664, marking a 0.92% increase over the past day. The trading volume stands at $1.62 billion. Over the last week, BNB coin has gone up by 3.38%. BNB is in a position to breach the $700 resistance point, and market observers are keenly monitoring its move.
Source: CoinMarketCap
CoinCodeCap Trading highlighted that BNB has emerged from a falling wedge formation. This technical formation is an indication of further bullish strength. Technical traders will now look at the coin above its 200-day Simple Moving Average (SMA), valued at $642. The next resistance point is $700, a major resistance level that appears to be targeted as the breakout continues.
BNB Targets $700 Resistance
BNB exhibits a strong uptrend across various timeframes. There are bullish signs in short-term, medium-term, and long-term trends. The coin is likely to hit the resistance level in the near future at 700. A successful break will provide another opportunity to reach higher price levels, which may even allow for reaching levels of approximately $750.
Source: X
The support of BNB is noted in the area of $620 to $550. These levels are important to keep the bullish market intact. The direction could change in case of falling prices below these levels. Nonetheless, as long as BNB maintains itself above these support levels, the uptrend continues.
RSI data shows that the Relative Strength Index (RSI) of BNB is now at 57.58. This implies that cryptocurrency is healthy in its uptrend because the RSI is above the 50-neutral level. But it is not already at the overbought zone, which is usually higher than 70. This means it still has potential to expand, without necessarily being stretched thin in the existing market.
Based on the MACD data, the MACD line stands at 2.52, and the MACD Signal line stands at 1.47. This indicates that the signal line is currently below the MACD line, suggesting that BNB is in a bullish phase. The MACD histogram is at -1.05, which signals a negative momentum. Nevertheless, the overall result is bullish and this means that BNB is currently in bullish mode, but it may be facing some bearish pressure in the short run.
Open Interest Indicates Bullish Sentiment
CoinGlass data shows that the trading volume has grown by 10.84% to $525.90 million within the last day. These increased volumes indicate an increased interest in BNB. The open interest, a metric indicating the number of contracts outstanding, increased by 0.48% to reach $756.51 million. This implies traders are wagering on the future upward movement of BNB.
The BNB Open Interest-Weighted Funding Rate is 0.0002%. This implies that, despite the bullish market, there is no costly demand for leveraged positions. This stable price indicates an equal market where additional prices could be raised.
Source: CoinGlass
Traders and investors are tracking BNB as it climbs further. The cryptocurrency market is still volatile, yet the technical indicators of BNB indicate that the coin might experience additional gains. The price of BNB is well-positioned to challenge the resistance level $700, and even greater prices in the future.
