BNB Surges to $700, Bulls Eye $720 as Momentum Builds

Binance Coin, the native cryptocurrency of the Binance exchange, has been displaying remarkable bullish momentum, breaking through multiple resistance levels and reaching new highs. At the time of writing, BNB is trading at $700.48, up by 8.89% in the last 24 hours. The big question on investors' minds is whether this momentum can continue, pushing the coin further towards the $720 level.

Binance Coin's performance over the last few days has demonstrated impressive strength as it breached key resistance levels. Following its breakout from the descending trendline, Binance Coin moved past significant price barriers, such as $678 and $660. This price action suggests that the coin is well-positioned for further growth, especially if it can hold above the $700 mark.

The rising social dominance is providing further fuel for BNB's rally. The metric has surged to 1.74%, indicating a growing interest in the coin. Social dominance often correlates with increased trading volume and more market participation, which can further drive the price upward. As a result, the boost in social chatter surrounding Binance Coin is likely to contribute positively to its ongoing upward movement.

Looking at the technical indicators, BNB's outlook remains bullish. At the time of writing, the Relative Strength Index (RSI) was at 62.69, indicating the coin is nearing overbought territory but still has room for growth. Furthermore, the Moving Averages (MA) at 9 and 21 periods have recently crossed, signaling continued upward momentum. Both confirm the bullish trend and point to further upside potential for BNB in the short term.

The derivatives' data for BNB also supports the bullish outlook. Volume has surged by 170.02%, reaching $3.52 billion, and Open Interest has increased by 32.97%, now at $1.03 billion. Additionally, Options Volume has jumped by 276.75%, reflecting heightened market activity. These numbers indicate that traders are positioning for more upward movement, which could further propel BNB's price.

Considering the strong price action, increasing social dominance, bullish technical indicators, and growing derivatives data, it is likely that BNB will continue its upward trajectory. The breakout above the