BNB price is the testing of the key resistance near $ 700, which is driven a potential outbreak that is fed by a recent token fire and rising active addresses.
Since the beginning of May, Binance Coin (BNB) has been acting within a range between around $ 630 and $ 690, with a short decrease to the level of $ 600 on 23 June that recovered quickly. That drop tested the lower trend line support, whereby the rising triangular pattern was reinforced, which has a relatively flat horizontal resistance around $ 685 – $ 700. The price is currently testing this level, acts at $ 686, after today $ 695 in Wommen.
This time BNB can be ready for an outbreak, supported by multiple bullish catalysts. Firstly, BNB chain recently completed its 32nd quarterly smoke fire, which removed 1.59 million BNB permanently from the circulation. This reduction in the supply is usually seen as a bullish driver, because it increases the scarcity of the token.
Secondly, the active addresses of BNB have steadily risen since mid -April and climb from around 500,000 to more than 1 million at the beginning of June, according to Glassnode -Data. Although there has recently been a slight withdrawal, the current levels remain elevated – between 900,000 and 1 million – well above the lows of March of around 400,000.
If the BNB price breaks above the horizontal resistance of $ 700 with a strong volume and follow-up, this could activate a movement to the $ 730- $ 745-one important area where the price was confronted with several rejections during earlier rallies before the current rising trieage pattern began to form. On the other hand, immediate horizontal support is $ 625 – $ 635, followed by weaker support around $ 615 and then the rising trendline support near $ 600.
Momentum indicators support the Bullish Case. The RSI is at 67 and is approaching Overbought territory, which can lead to a short withdrawal or consolidation, although there is still room for an outbreak above the trendline. The MACD also remains bullish, with the MACD line above the signal line and the histogram printing green rods.
In summary, a confirmed outbreak above $ 700 with a strong volume, BNB could send to $ 730 – $ 745 in the near future. However, watch out for possible withdrawals in the short term near Overbought RSI levels before continuation.
