BNB Smashes $700 Barrier – What’s the Next Target for Binance Coin?
Binance Coin just bulldozed past $700, leaving traders scrambling to chart its next move. The exchange-backed crypto asset – often dismissed by Bitcoin maximalists as 'corporate coin' – is now flirting with its previous ATH, defying the broader market's sideways grind.
Technical fireworks or just another bull trap?
BNB's latest surge comes amid surging demand for Binance Smart Chain transactions and a fresh wave of exchange token buybacks. The coin now commands a top 5 market cap – much to the chagrin of decentralized purists who still think CZ runs a 'glorified casino.'
Where to next? $800 looks like the next psychological battleground. But with regulators circling exchange tokens like hungry vultures, this party could end with one brutal margin call.
Source: CoinMarketCap
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.
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