Binance Coin is approaching the $700 resistance, which could lead to significant price action and increased market activity.
If $700 breaks, Binance Coin may see a potential rally that could push its price to new highs like $1,100 or beyond.
Strong support levels have helped Binance Coin maintain a stable upward trend, making a bullish breakout more likely.
BNB/USDT is moving toward the $700 resistance level, which could trigger a major price rally. Binance Coin is currently trading at $674.54 after gaining 8.99% in the past session. If it breaks this critical level, the price could surge to $1,100 in the short term.
$700 Resistance Level Holds Key Importance
The $700 level is a major turning point for Binance Coin and breaking it could push the price much higher. Historically, resistance levels like this have acted as launching pads for massive market rallies. As BNB approaches the $700 level, it continues to draw significant attention from investors and traders in the market. Long-term projections indicate that a breakout could unlock even higher price levels, keeping market participants closely focused.
XRP FUD fading faster then price rising — mickle (@xrpmickle) November 24, 2024
Additionally, this level has proven to be a challenging point for the coin to surpass. Each test of this resistance has previously increased market activity, suggesting a bullish sentiment could follow the breakout.
Support Levels Provide Stability
BNB has maintained its bullish momentum thanks to strong support levels that have consistently held during market corrections. The long-term support line visible on the chart has served as a foundation for the coin’s steady growth.
Moreover, earlier resistance levels have now turned into support zones, adding to the coin’s structural stability. This transition of resistance into support has made BNB resilient in maintaining its upward trend over time.
A breakout above $700 would further strengthen the market outlook, with support levels continuing to provide stability against any potential pullbacks.
Can BNB Start a New Bullish Rally?
BNB has demonstrated its ability to deliver significant price growth in past breakout scenarios. In one earlier rally, the coin gained over 1,200%. A similar move could occur if the $700 resistance is cleared in the coming sessions.
The current short-term projection indicates a 158% price increase, which would place BNB around $1,100. Additionally, the long-term outlook suggests the potential for even larger gains, with estimates pointing toward a rise to $3,355.
If the resistance level is surpassed, the market could experience increased buying pressure, making Binance Coin one of the top-performing assets.