BNB Aims for $700 Resistance After Recent Price Consolidation
BNB is attempting to reclaim the $650 level, with some analysts predicting a breakout towards $700, potentially leading to new highs.
BNB Breakout To Retest $700
Key points include:
- On Friday, BNB dropped to $640 after failing to maintain its mid-range price. It has been trading between $630 and $690 since regaining the $600 barrier last month.
- During May, BNB reached a four-month high of $697 near the crucial $700 resistance level.
- Analyst Carl Runefelt identified a one-month descending triangle pattern, with support around $635 and resistance at $650. A bullish breakout could push BNB 10% towards $700.
- A confirmed reclaim of this area as support may lead to further upward movement.
Analyst Crypto Batman noted BNB's formation of a multi-month ascending triangle, maintaining strength near the ascending trendline from the $635-$640 support zone.
Is A Move To $800 Coming?
Additional insights include:
- Crypto Batman suggested BNB might replicate last year's price action, noting it has formed a similar base near the $550 level.
- If the historical pattern holds, this could lead to significant price increases.
- The cryptocurrency is consolidating near the mid-zone, which may lead to a retest of the macro range highs around $729.
- A breakout above $729 could result in a 50% price increase.
- BNB remains bullish as long as it holds above the $490-$500 levels and maintains strong support at $600.
Currently, BNB is trading at $641, reflecting a 2.9% decline over the week.
