“BNB: Will It Reach 800 USD or Return to Support Levels?”
BNB (Binance Coin) is becoming the center of attention in the crypto market after an impressive price surge. In just 24 hours, the price of BNB skyrocketed to 793.86 USD, recording an increase of over 19%, raising many investors' hopes for a breakthrough past the 800 USD mark. However, the big question is: will this upward momentum be sustainable, or will BNB return to test lower support levels?
Technical Analysis
• Resistance: The 800 USD level is an important psychological barrier. To overcome it, BNB needs a larger trading volume and strong support from the market.
• Support: The area around 720 USD is currently acting as the nearest support. If this level is broken, the possibility of BNB returning to test lower levels, such as 680 USD, is entirely plausible.
• RSI: The current RSI indicates that BNB is in the overbought zone, which may lead to a short-term correction.
Predicted Scenarios
1. Growth: If it surpasses 800 USD, the next target will be 850 USD, where some strong resistance levels appear.
2. Correction: If it cannot hold 720 USD, the price of BNB may return to old support levels, ranging from 680 USD to 650 USD.
Advice for Investors
• For short-term investors, consider taking partial profits at 800 USD to secure gains.
• For long-term investors, this may be a good opportunity to monitor additional confirmation signals before making decisions.
Note: This is not investment advice. Please do your own research and thorough analysis before trading.