Binance Coin (BNB) Surges: Bulls Eye $700 Breakout

Binance Coin (BNB) has regained value above the 21-day SMA after facing two setbacks at the $640 high. The cryptocurrency's price has since declined to $554, but long-term forecasts remain bullish. Analysts predict that BNB will surpass $700 if it can break through $640, indicating a full recovery. However, if buyers fail to surpass the current high, BNB may trade sideways above $510, facing resistance at $640.

Binance Coin (BNB) on the Rise: Bullish Forecast

Is BNB Primed for a Break Above $700?

Binance Coin (BNB) has clawed back above its 21-day SMA, signaling a potential upward trend after two failed attempts at the $640 resistance level. The bulls have pushed BNB higher, but will they have the strength to break through the $700 ceiling?

Long-Term Outlook: Bullish, but Conditional

BNB's long-term prospects look promising, provided it can sustain its upward momentum and break above the $640 resistance. This move would confirm a full recovery from its recent dip and pave the way for further gains.

Is a Sideways Move on the Horizon?

However, if the bulls falter and fail to break the current resistance, BNB may enter a sideways trading pattern above the 21-day SMA or the $510 level. In this scenario, resistance would remain at $640.

Technical Indicators: Signaling an Uptrend

Both charts indicate that BNB's price bars are trading above the moving average lines, suggesting an ongoing upward wave. The current rally could face headwinds if the bears manage to push the price below the 21-day SMA.

Key Resistance and Support Levels

• Resistance: $600, $650, $700
• Support: $400, $350, $300

BNB/USD: Range-Bound with Resistance at $585

BNB has entered a range-bound pattern after being rejected twice at the $640 resistance level. The altcoin is now trading sideways between $500 and $625, with the current upward movement facing resistance at $585. If the rejection persists, BNB will likely continue to fluctuate within its range.