Binance Coin [BNB] has surged past the crucial $600 level, drawing attention from traders eyeing its next potential target at $620.
Binance Coin (BNB) price has been consolidating within a narrow range for the past few weeks, following a strong rally that saw the altcoin reach a record high of $720. To sustain this momentum amidst market turmoil, BNB began accumulating in June. This phase saw the price moving back and forth within a confined area.
If this ascending triangle holds, BNB’s next target could be a return to the resistance line. At this juncture, two scenarios are possible: if bullish momentum is strong, BNB could potentially rise to $720 or higher, surpassing its all-time high.
On the other hand, if the support levels of the currently developing ascending channel fail, the token could fall to $495.8, where the consolidation’s support line lies.
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