Key Takeaways:
BNB price is gaining pace above the $650 resistance zone. A major bullish trend line is forming with support at $600 on the daily chart. The price is signaling a major breakout and might aim for a move toward the $800 resistance zone.BNB rallied above the $650 and $700 levels. The bulls are currently active above $650 and aiming for more gains above the $720 level.
BNB Price Outperforms Bitcoin
After consolidating above the $500 level, BNB price started a decent increase. It struggled to clear the $620 and $632 resistance levels on many occasions. Recently, the bulls finally managed to clear the $632 resistance zone.
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BNB price jumped over 10% in the past few sessions and even cleared the $700 resistance zone. It outperformed Bitcoin and Ethereum. It also settled well above the $620 level and the 50-day simple moving average (blue).
BNB/USD daily chart | Source: TradingView.comThe price traded as high as $716 and is currently consolidating gains. It is showing positive signs and trading above the $670 resistance. It is now attempting an upside break above the $710 and $720 resistance levels. A clear move and close above the $720 resistance could open the doors for another rally.
The next major resistance could be near the $750 level. A clear move above the $750 resistance might pump the price higher further. In the stated case, the price might test $800. Any more gains might send the price toward the $820 resistance level.
Dips Supported?
If there is a rejection near the $720 zone, BNB price might dip again. Immediate support is near the $670 level or the 23.6% Fib retracement level of the upward move from the $514 swing low to the $716 high.
The first major support is now forming near the $620 pivot level. There is also a major bullish trend line forming with support at $600 on the daily chart. The main support is near $600. A daily close below the trend line support and $600 could increase selling pressure.
In the stated scenario, BNB price might dive and revisit the $560 support region or the 50-day simple moving average (blue). If the bulls fail to protect $560, the bears could even aim for a test of $500.
Overall, BNB price is gaining bullish momentum above the $660 and $680 levels. A close above the $720 resistance could send the price toward $750 or even $800.
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