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BNB is riding a strong bullish wave, surging over 10% as bullish momentum continues to build. This impressive rallyhas brought the price closer to the critical $724 resistance level, a key barrier that could dictate its next major move.
Over the past few days, BNB has displayed strong buying pressure, signaling renewed investor confidence. The surge comes amid broader market optimism, with bullsaiming to capitalize on the move. However, the $724 mark has historically been a tough zone, where sellers have previously stepped in to trigger corrections.
With market sentiment shifting in favor of altcoins, BNB’s performance is being closely watched. Will it conquer $724, or will resistance prove too strong? The coming days will be crucial in determining BNB’s next chapter. Technical Analysis: Can BNB Break Through $724?
BNB’s recent 10% surgehas brought it closer to the critical and challenging $724 resistance level, and breaking through it would require substantial buying pressure. The cryptocurrency’s price is currently trading above the 100-day Simple Moving Average (SMA), indicating that bullish momentum remains intact. This technical indicator is often used to gauge the overall market trend, and trading above it suggests that buyers are in control and the uptrend could continue. Related Reading BNB Bounce From $500: A Temporary Recovery Or Start Of A Rally? 1 week ago
A sustained position above the 100-day SMA typically acts as a strong support level, preventing deeper pullbacksand reinforcing market confidence. If buying pressure remains steady, the price may continue its upward trajectory to key resistance levels. BNB upward push targets the $724 level | Source: BNBUSDT on Tradingview.com
However, the MACD indicator shows overbought conditions, signaling that the asset may be approaching a potential reversal or consolidation phase. When the MACD line moves significantly above the signal line and the histogram expands, it often suggests that upside pressure is losing steam, and a price correctioncould be on the horizon.
An overbought MACD reading does not necessarily mean an immediate downturn, but it does indicate that buyers may be exhausted and that profit-taking may increase. If the indicator starts to show a bearish crossover—where the MACD line crosses below the signal line—it would confirm a weakening trend, leading to a price retracement toward key supportlevels. Market Outlook: What’s Next For The Price?
The marketoutlook remains cautiously bullish, with technical indicators showing strong momentum. BNB is trading above key moving averages, reinforcing the uptrend, while trading volume remains high, signaling sustained investor interest. However, challenges remain, particularly with the MACD flashing overbought signals, causing the rally to lose steam. Related Reading BNB Steadies Above Support: Will Bullish Momentum Return? 1 month ago
Should BNB break and hold above $724, it might trigger a fresh wave of buying, pushing the price toward $795 and beyond. On the other hand, a rejection at this level is likely to spark a short-term pullback, with $680 and $605 acting as key support zones. BNB trading at $702 on the 1D chart | Source: BNBUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com