BNB holds $700, can it hit a new high?

Analysis of support and resistance levels:

• Current price: $707.98

• Key support level: $702.51 (short-term support)

• Secondary support level: $697.33 (MA99 moving average support)

• Short-term resistance level: $713.93 (24-hour high)

• Strong resistance level: $731.24 (recent high)

Technical analysis:

1. Moving average trend: The price hovers around MA7 and MA25, the short-term trend is volatile, and MA99 forms medium- and long-term support.

2. MACD signal: DIF and DEA are running negative, the green bar chart is increasing, and the short-term short momentum is strong.

3. Volume observation: The volume is in a shrinking stage, and the market is in a wait-and-see mood.

Strategic recommendations:

• Long strategy: If the price breaks through $713.93, consider going long with a light position, with the target at $720 and $731, and the stop loss set below $702.

• Short strategy: If the price falls below $702.51, consider going short with a light position, with the target at $697 and $690, and the stop loss set above $710.

Risk warning:

BNB is in a range of fluctuations, so be alert to the risk of false breakthroughs, and strictly set stop losses to avoid losses caused by reverse market fluctuations.

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