BNB Price Surges Above Resistance, Eyeing $800 Level
BNB price has been experiencing a significant uptrend, surpassing the $650 resistance zone. On the daily chart, a prominent bullish trend line has formed with support at $600. The price is indicating a major breakout and is potentially targeting the $800 resistance area.
BNB has rallied above the $650 and $700 levels and the bulls are currently active above $650, aiming for further gains above $720.
After consolidating above $500, BNB price started to rise steadily. It faced some difficulty in surpassing the $620 and $632 resistance levels on multiple occasions. However, the bulls were finally able to break through the $632 resistance zone.
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In the past few sessions, BNB price has surged over 10% and has successfully cleared the $700 resistance zone. It has outperformed Bitcoin and Ethereum. Additionally, it has settled comfortably above the $620 level and the 50-day simple moving average.
The price reached as high as $716 and is currently consolidating its gains. It is displaying positive signs and is trading above the $670 resistance level. There is an attempt to break above the $710 and $720 resistance levels, and if successful, it could lead to another rally.
The next significant resistance level could be around $750. If the price manages to move above $750, it could experience further upward momentum. In this case, the price might test $800. Additionally, any additional gains could push the price towards the $820 resistance level.
However, if the price faces rejection near the $720 zone, it may experience a dip. The immediate support level lies near $670 or the 23.6% Fibonacci retracement level of the upward move from the $514 swing low to the $716 high.
The first major support is now forming near the $620 pivot level. Furthermore, there is a significant bullish trend line with support at $600 on the daily chart. The main support level is around $600. If the price closes below the trend line support and $600, it could lead to increased selling pressure.
In this scenario, BNB price might dive and revisit the $560 support region or the 50-day simple moving average. If the bulls fail to defend the $560 level, the bears could target a test of $500.
Overall, BNB price is gaining bullish momentum above the $660 and $680 levels. A close above the $720 resistance level could propel the price towards $750 or even $800.