BNB Tests $700 Resistance Amid 32nd Token Burn

BNB, the native token of the Binance ecosystem, is currently testing a key resistance level near $700, with bullish momentum fueled by a recent token burn and an increase in active addresses. Since early May, BNB has been trading within a range of approximately $630 to $690, with a brief dip to $600 on June 23 that quickly recovered. This price action has reinforced an ascending triangle pattern, characterized by a relatively flat horizontal resistance around $685 to $700. The current price is testing this resistance level, trading at $686 after reaching a high of $695 earlier today.

The recent 32nd quarterly token burn on the BNB Chain, which removed 1.59 million BNB from circulation, is a significant bullish catalyst. This reduction in supply is expected to increase the token’s scarcity, potentially driving up its value. Additionally, the number of active addresses on the BNB Chain has been steadily rising since mid-April, climbing from around 500,000 to over 1 million by early June. Although there has been a slight pullback recently, the current levels remain elevated, hovering between 900,000 and 1 million, well above the March lows of around 400,000.

If BNB successfully breaks above the $700 resistance level with strong volume and follow-through, it could trigger a move toward the $730–$745 zone. This area has historically been a key resistance zone where the price faced multiple rejections during previous rallies. 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 further 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) also 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 the $730–$745 zone in the near future. However, traders should be mindful of potential short-term pullbacks near overbought RSI levels before the continuation of the upward trend. The bullish momentum is supported by the recent token burn and the increase in active addresses, both of which contribute to a positive outlook for BNB.