Binance (BNB) Price Analysis: Bulls Defend Support at $675 as Recovery Takes Shape

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BNB Price Recovery Signs and Technical Analysis

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

Technical Analysis

Support and Bounce:

$675 Support Level: This price level has become an important foundation for BNB in the current market. 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 a high of $745 but found support in the $675 range. The stability of this support area suggests 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 in the market has weakened, paving the way for further upward movement. This breakout signal suggests that more upward momentum may occur in the short term.

Fibonacci Retracement:

BNB successfully broke through the 23.6% Fibonacci retracement level, and 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 this level is a positive signal for the bulls.

Short-term Targets and Resistance Levels

Short-term Target ($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 the performance of this area in future price movements. Breaking through this level could lay the foundation for further price increases.

Potential for Further Upside:

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

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