A prominent analyst, Sjuul from AltCryptoGems, shared with his followers that Binance Coin (BNB) is on the verge of a significant price movement as it approaches a key resistance level.
The analyst noted that the resistance zone between $600 and $620 has been a recurring barrier for BNB’s price, tested numerous times without a clear breakout. However, according to Sjuul’s BNB chart observations, a breakthrough past this level could set the stage for a potential rally.
Read Also: Kaspa Price Slips Below $0.15 as Bearish KAS Patterns Signal Weakness
BNB Price Tough Resistance at $600 – $620
The BNB price has consistently tested the $600 – $620 resistance level, a price zone marked by strong market rejections in the past.
Despite multiple attempts to break above it, BNB’s price is yet to see a clear breakout. Sjuul mentioned that this level “must break sooner or later,” given the numerous retests. The frequent challenges to this zone suggest that buyers are gradually gaining strength.
Sjuul’s BNB chart analysis supports this claim, showing higher lows forming as BNB nears the resistance zone again. This pattern of higher lows often signals growing buying momentum, increasing the likelihood of a breakthrough soon.
Image Source: X/SjuulAltCryptoGems
Read Also: Strong Bearish Signal Points to Incoming Solana (SOL) Price Crash – How Far Down Can It Go?
BNB Price Discovery Beyond $620
Should BNB’s price break through the $620 resistance, the road to higher price levels may be smoother. Sjuul’s tweet highlights that “there isn’t much resistance above it until $700,” implying that once the $600-$620 barrier is cleared, a strong upward move could follow.
The lack of historical resistance above $620 could lead to a period of price discovery, potentially driving BNB’s price toward higher levels.
This opens the door for a potential rally, with analysts speculating that a clear breakout could trigger a double-digit percentage gain in the near term. The BNB chart reflects this scenario, showing minimal price interaction in the range above $620, which could allow for rapid upward movement.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less – Potential Bearish Rejection
While the outlook is optimistic, there remains the possibility of another rejection from the $600 – $620 zone. Previous rejections in this range led to sharp pullbacks, with BNB retracing to the mid-range support at $450. This mid-range has acted as a strong support level in the past, where buyers have consistently stepped in to prevent further declines.
However, each rejection has been followed by a recovery, suggesting that even in the event of another pullback, the downside may be limited by strong buying interest around the $450 level.
Read Also: Is Aptos (APT) Price Gearing Up for Bull Run? Tron’s Price Action Signals Breakout!
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post Binance Coin (BNB) Could See Double-Digit Rally Soon: One Resistance Left appeared first on CaptainAltcoin.
