An analysis
Binance Coin (BNB) Eyes $650: 3 Bullish Signals to Watch
Binance Coin has seen a 5.19% gain over the last week and is approaching the $600 mark, facing a crucial resistance level.
A breakthrough past the $600â$620 zone could trigger a strong rally with minimal resistance until $700.
Binance Coin (BNB) has been making significant gains recently, with a 1.3% increase in the past 24 hours and a 5.19% rise over the last seven days. As BNB approaches the $600 mark, traders are closely watching for a potential breakout that could propel the cryptocurrency to new heights.
However, BNB is currently experiencing a significant problem despite its rebound. The price has failed to trade above $600-$620, as it has been a key resistance level for the coin. According to a popular cryptocurrency analyst from AltCryptoGems, Sjuul, this level is now the key level to watch for BNB. In his analysis, he pointed out that a clean break out above this range could trigger a strong rally.
The resistance zone has been tested several times, and each time, there has been a rejection, leading to a short-term pullback. However, Sjuul said that higher lows indicate that buying pressure is building up. This pattern suggests that buyers are slowly but steadily recovering, which means that the next attempt to break through $620 may be a turning point for BNB
