The Binance Coin (BNB) price has surpassed a major resistance as the altcoin is highly anticipated to retest the $700 mark. With a listing price of approximately $694, the BNB has risen 6.38% in the last week and its 24-hour trading volume is up by 37.91% to $2.52 billion. This has resulted in it achieving a market capitalization of $96.65 billion.
The BNB Foundation wrapped up its 32nd quarterly Binance token burn. With this round, it has burned more than 1.59 million BNB tokens worth over a billion dollars.
Additionally, the BNB token has created the cup and handle pattern in the daily time frame. This trend ideally highlights a bullish pattern, suggesting a higher price target. Notably, the breakout was confirmed as it crossed the $675 mark. The daily chart also shows more volume in support of the ongoing trend, suggesting increasing interest in buyers.
The Relative Strength Index (RSI) stands at 69.09, and it is approaching the overbought level in the 1D time frame. Furthermore, the constant higher highs and higher lows indicate a strong bullish presence in the cryptocurrency market.
Further, the Moving Average Convergence Divergence (MACD) indicator shows a steady rise in the above price chart, suggesting a higher buying-over-selling pressure among the investors. With the 12 & 26-day averages supporting the price chart, the BNB coin price is a crucial watch.
If the BNB price continues to trade in a bullish trend and breaks out of its $700 mark, the next resistance levels would be around the points of $730 and $760 respectively.
However, if the Binance token records a bearish reversal, then it could drop toward its support of $675 or lower support of $646 within a short period.
Also Read: Will Bitcoin Hit $120K Next As Bullish Dominance Rises?
