Binance Coin (BNB) recently reached a high of $697 before pulling back slightly, raising questions about whether the price will continue higher or face a correction. After a strong surge in the crypto market, BNB is testing the important psychological $700 level.
On the daily chart, BNB showed a bullish breakout but then dropped intraday to $681, suggesting a possible bearish reversal. Tuesday’s high was just below the previous swing high near $698, creating a strong resistance zone around $700. This area could cause short-term price swings.
Despite this, the recent positive crossover of the 50-, 100-, and 200-day moving averages points to ongoing bullish momentum. The 50-day EMA near $636 offers immediate support, close to a key horizontal support at $637.
Technical indicators like the MACD remain positive but show signs of volatility, meaning the price could move sharply in either direction. If BNB breaks above $700, the next target could be $750. However, a drop below Tuesday’s opening price of $674 might lead to a decline toward support levels at $650 and $637.
In the derivatives market, bullish sentiment stays strong. Open interest holds steady at $829.53 million, while options trading volume jumped over 91%. The funding rate turned positive, and the long-to-short ratio indicates more buyers than sellers.
Overall, Binance Coin faces a critical moment near $700. Traders should watch key support and resistance levels to gauge the next move.
Disclaimer: This article is for informational purposes only and is not financial advice. Readers should do their own research before investing.
Follow on Google News
Leave a comment