Binance (BNB) Price Analysis: Bulls Defend the $675 Support Level as a Recovery Forms

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BNB Price Recovery Signs and Technical Analysis

Recently, BNB has been consolidating firmly above the $675 support level, indicating that market sentiment is gradually shifting bullish. After a period of downward pressure, BNB has shown significant resilience, and the current price trend suggests it may enter a potential recovery phase. Breakouts on technical indicators and price charts provide signals for upward movement.

Technical Analysis

Support and Rebound:

$675 Support Level: This price level has become an important foundation for BNB's current market. The multiple tests and successful defense of this support level indicate that buyers have accumulated strong buying power in this area, laying the groundwork for future rebounds.

BNB recently experienced a pullback from the high of $745 but found support in the $675 area. The solidity of this support area indicates that the market has not completely abandoned bullish sentiment.

Trendline Breakout:

$695 Bearish Trendline Breakout: On the hourly chart, BNB successfully broke through the bearish trendline, indicating that selling pressure is weakening, paving the way for further upward movement. This breakout signal suggests that more upward momentum may appear in the short term.

Fibonacci Retracement:

BNB successfully broke through the 23.6% Fibonacci retracement level, this technical achievement indicates that buyers are working to reverse the previous downtrend. This retracement level is calculated from the recent swing high of $745 to the low of $674, and breaking through this level is a positive signal for the bulls.

Short-term Goals and Resistance Levels

Short-term Goal ($710):

The $710 area is a key resistance level. This price point coincides with the 50% Fibonacci retracement level, so traders should pay attention to this area’s performance in future price movements. Breaking through this point may lay the foundation for further price increases.

Potential for Further Upside:

If BNB successfully breaks through $710, the next major resistance levels may appear in the $725 and $740 areas. If these areas are also broken, the price of BNB could challenge the important level of $750, but this requires sustained buying pressure to maintain the upward momentum.

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