BNB Price Reclaims Strength, Targets $700
The BNB price is striving to surge past $575, aiming for a breakthrough at $620 with a 5% gain. After a rebound from $575 support, BNB is now surpassing $600 and the 100 SMA, showcasing bullish momentum. On the 4-hour BNB/USD chart, a promising bullish trend line has formed, with solid support at $587. A potential bullish surge may occur upon breaching the $620 barrier.
With BNB finding support at $575 amidst a dip below $600, it has surged from $572.8, outperforming Ethereum and Bitcoin. Surpassing key levels at $595 and $600, bulls have confidently surpassed the $605 pivot, signaling a notable 5% increase. Strong indicators are evident above the 23.6% Fib retracement line, further solidifying the upward trajectory. Resistance is immediate around $618, followed by $620. A decisive breach above $620 could propel BNB towards $632, with potential for further gains towards $650 and even $700 in the near future.
However, failure to overcome the $620 resistance might lead to a downward correction. Initial support rests at $600, followed by $590 and the trend line or the 61.8% Fib retracement level. Critical support remains at $575, with a breach potentially causing a descent to $562 and further down to $550. $BNB
Key technical indicators paint a positive picture, with the 4-hour MACD rising in the positive zone and the RSI above 50. Major support levels include $600, $585, and $575, while key resistance levels stand at $620, $632, and $650.
