The Ascent to $100 Billion – BNB's Market Cap Ambitions

Binance Coin (BNB) is currently experiencing a surge in price action, fueled by strong capital inflows and a bullish market structure.

Binance Coin (BNB) is currently making a swift recovery, with strong capital inflows and a bullish market structure setting the stage for further gains. A key milestone on the horizon is the potential for BNB to regain its $100 billion market capitalization. This ambitious goal will depend on the altcoin’s ability to break above the $700 resistance level and maintain its upward momentum.

As small gains continue to pile up, the next key resistance level to watch is at $700. Breaking above this point could pave the way for BNB to retest the $100 billion market capitalization.

After falling below this psychological barrier, it will be interesting to see if buyers can keep the price afloat. A decisive breakout above the $700 resistance level would be crucial for putting the $100 billion market cap back in sight.

At press time, the Relative Strength Index (RSI) indicated that BNB was approaching overbought levels, increasing the risk of profit-taking. This technical indicator had been rising rapidly as part of a strong bullish trend.

However, overbought conditions on the RSI could encourage some technical traders to take profit and step aside, at least temporarily.

At the $670 support level, a large cluster of buyers stepped in to prevent further losses. If buyers can maintain momentum, then this level could quickly transform into crucial support.

A break below $670 may bring the next demand zone into play, around $630. This is where another large cluster of buyers previously intervened to keep the decline in check.

Moreover, breaking above the $700 resistance level would be crucial for putting the $100 billion market cap back in sight. At press time, BNB was trading at $695.