Binance moves forward - $BNB
Finally, a 65-day resistance level that had been keeping Binance Coin (BNB) in a narrow range has been breached. Following multiple attempts to break through, BNB soared above $600, marking an important psychological and technical turning point. Although the breakout is encouraging, BNB appears to be lacking the necessary momentum to extend this rally without retracing.
BNB has had difficulty maintaining the upward momentum required to cross the $610 barrier, and it is currently trading at about $602. When trading volume seems to be leveling off following the initial surge, this level is the next resistance point, and failing to clear it could cause a pullback. BNB's next support level is approximately $585, which coincides with the 50-day EMA.Â
This level is crucial to preserving the bullish structure that has developed if BNB does retrace. A break below this might indicate a longer correction, which could take BNB back to the $550-$560 region where the 100-day EMA offers stronger support. All the same, the breakthrough is still a good thing because it shows that BNB can overcome important resistance levels.Â
To continue rising, BNB will require a fresh wave of investor interest or a positive macroeconomic Catalyst, as the market as a whole is also beginning to slow. With the next significant target located around $650, traders should keep a careful eye on the $610 level as a sustained move above this resistance may pave the way for additional gains. Up until that point, the absence of momentum could keep BNB range-bound or cause a slight retreat.