BNB Crypto Next Direction Analysed: $700 First or $500

Ascending Triangle which is a continuation pattern (it typically breaks out in the direction of existing trend). Most traders wait for a breakout but Swing traders could trade between the trendlines

For on-demand analysis of any cryptocurrency, join our Telegram channel.

BNB Price Target

• Current Price: $592.39
• Market Cap: $87.42 billion
• 24-hour Trading Volume: $1.42 billion
• Circulating Supply: 147.58 million BNB
• Total Supply: Originally 200 million BNB, with regular token burns reducing the supply.

We wait for a breakout from the Ascending Triangle (above $600 resistance) to signal uptrend resumption to the next resistance of $720 for a +20% potential gain

Weekly Price Analysis

In the last week, BNB’s price has remained relatively stable. Starting from a high of $600, the token faced minor fluctuations, dropping to around $591.

The price remains in the $590–$600 range, showing a slight weekly dip of about 1.50%.

Trend: Short-term trend is Up, Medium-term trend is Strong Up, Long-term trend is Up.

Momentum: Price is neither overbought nor oversold currently.

Support and Resistance: Nearest Support Zone is $500.00, then $450.00. Nearest Resistance Zone is $600.00, then $720.00.

Indicators Overview

• Relative Strength Index (RSI): Neutral, hovering around 50.
• Moving Averages: BNB is trading close to its 50-day moving average.
• MACD (Moving Average Convergence Divergence): Slightly bullish.

News Roundup

• BNB Token Burns: Binance’s quarterly token burns continue to reduce the supply of BNB. These burns are part of a strategy to eventually cut the total supply to 100 million.
• Binance Ecosystem Growth: With Binance expanding into various sectors, including NFTs, DeFi, and staking, BNB continues to see demand as the native currency powering these platforms.

For on-demand analysis of any cryptocurrency, join our Telegram channel.