BanklessTimes
BNB Chain and Binance Coin
Home Articles BNB Price Eyes $700 After Breaking Consolidation Patterns

BNB Price Eyes $700 After Breaking Consolidation Patterns

Joseph Alalade
Joseph Alalade
Joseph Alalade
Author:
Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.
Updated: November 25th, 2024

The BNB price has recently broken out of consolidation, signaling an upward trend and testing resistance around $680. While it has experienced a slight decline in the past 24 hours, the current stability and momentum suggest a strong bullish trend, aiming for the $700 price point.

Binance Coin (BNB/USD) is trading at $659.16 at press time, seeing a slight 0.89% decrease over the last day. The price of BNB is nearing a key resistance level at $664.14, referred to as the Oblique Major Resistance.

BNB/USD price chart

BNB/USD price | TradingView

This level may serve as a significant barrier to further upward movement unless a definitive breakout occurs.

Expert predicts $680 or higher for the BNB price

Analysts predict a significant uptrend for BNB’s price in the near future. On November 24, an analyst named BitGuru forecasted to his X followers that the minor pullback indicates a healthy correction before another upward surge, with the potential to exceed $680 and target even higher levels.

Looking at the charts, the moving averages reinforce the bullish sentiment.

The price of Binance coin is comfortably sitting above both the 50-day Simple Moving Average ($599.80) and the 100-day SMA ($576.36). This indicates that BNB is experiencing a strong upward movement, with these levels serving as critical support in the event of a price correction.

On the other hand, if the Binance coin can maintain its position over $650 and successfully surpass the $664 resistance, the next possible target could fall between $675 and $700.

However, challenges loom for the BNB price if it does not manage to overcome the resistance level. A failure to break through the resistance could result in a pullback towards the support zone of $599–624.

Read more: Cardano Price Prediction: Is it Wise to Sell ADA Now?

Contributors

Joseph Alalade
News Lead and Editor
Joseph is a content writer and editor who has actively participated in crypto for over 6 years. He enjoys educating others about Web3 and covering its updates, regulatory developments, and exciting stories.