Binance Coin (BNB) Nears $700 Resistance Amid Bullish Catalysts

Binance Coin (BNB) is currently testing a key resistance level near $700, with the potential for a breakout fueled by recent developments. Since early May, BNB has been trading within a range of approximately $630 to $690, with a brief drop to $600 on June 23 that quickly recovered. This drop tested the lower trendline support, reinforcing an ascending triangle pattern with a relatively flat horizontal resistance around $685 – $700. The price is currently at $686, having reached as high as $695 today.

Several bullish catalysts are supporting this potential breakout. Firstly, BNB Chain recently completed its 32nd quarterly token burn, permanently removing 1.59 million BNB from circulation. This reduction in supply is generally seen as a bullish driver due to the increased scarcity of the token. Secondly, BNB’s active addresses have been rising steadily since mid-April, climbing from around 500,000 to over 1 million by early June. Although there has been a slight pullback recently, current levels remain elevated, hovering between 900,000 and 1 million, well above the March lows of around 400,000.

If BNB’s price breaks above the $700 horizontal resistance with strong volume and follow-through, it could trigger a move toward the $730–$745 zone. This area is significant as it faced multiple rejections during previous rallies before the current ascending triangle pattern began forming. On the downside, immediate horizontal support lies at $625–$635, followed by weaker support around $615, and then the ascending trendline support near $600.

Momentum indicators also support the bullish case. The Relative Strength Index (RSI) is at 67, approaching overbought territory, which could lead to a brief pullback or consolidation. However, there is still room for a breakout above the trendline. The Moving Average Convergence Divergence (MACD) remains bullish, with the MACD line above the signal line and the histogram printing rising green bars.

In summary, a confirmed breakout above $700 with strong volume could drive BNB toward $730–$745 in the near future. However, potential short-term pullbacks near overbought RSI levels should be monitored before continuation. The recent token burn and increasing active addresses on the network are contributing to the bullish momentum, but investors should remain cautious given the volatile nature of the cryptocurrency market.