đ Will BNB Break the $700 Mark???đ
BNB is showing signs of a short-term recovery, forming an ascending triangle close to the key $600 resistance level. đ The altcoin has been moving within a consolidation range of $464 to $600, currently priced at $583 after a modest 2.91% rebound.
BNB is trading above the 50-day and 200-day EMAs, indicating strength in its price action. The 50% Fibonacci level at $587 presents immediate resistance, but a bullish engulfing candle hints at a higher chance for a breakout. đ„
Both EMAs are moving sideways with a positive bias, giving a neutral trend signal. Meanwhile, a bullish MACD crossover near resistance adds further momentum to the possibility of a breakout. If $BNB breaks through, the next targets could be $711 and $863, based on Fibonacci extensions. đŻ
On the flip side, critical support is found at the local trendline and the 23.6% Fibonacci level at $522. đ
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