BNB Tests $700 Resistance Amid Bullish Momentum

BNB, the native token of the Binance ecosystem, has recently shown renewed strength, attracting the attention of traders and investors. After months of consolidation in a sideways range, BNB has broken above key levels and is now testing major resistance near $690–$700. With the broader crypto market stabilizing and altcoins beginning to regain momentum, many are wondering if BNB is on the verge of a major breakout.

According to the daily chart structure, BNB experienced a sharp rejection near $690, as seen in today’s Heikin Ashi daily chart. While the price shows strong recent bullish momentum, the red candle forming today suggests hesitation from buyers near the upper resistance zone. This might be a short-term pullback rather than a trend reversal. On the Relative Strength Index (RSI), the reading stands at 61.16, indicating healthy bullish territory—but not yet overbought. This is a critical observation because BNB still has room to move higher before hitting major resistance zones.

Zooming into the Fibonacci retracement levels drawn from the recent swing low around $500 to the high near $720, the price appears to be consolidating between the 0.618 retracement level (~$675) and resistance around $700–$710. The $700–$710 area is acting as a psychological and technical resistance. If BNB decisively breaks this level on strong volume, the next upside target is around $750, a major extension zone from recent Fibonacci projections. To calculate the Fibonacci extension, the swing low is $500, the swing high is $720, and the 1.618 extension target is $855.96. While $855 seems too ambitious for July, it reinforces the longer-term bullish thesis if $750 is broken this month.

Today’s red Heikin Ashi candle after several strong green candles could signal a minor correction, not a trend change. Heikin Ashi smooths out price noise, so red candles after a run-up often suggest consolidation rather than an immediate drop. Furthermore, the price is still comfortably above the recent support at $677, which corresponds to the 0.618 Fib level. If BNB price holds this level, the structure remains bullish. A break below $675, however, could lead to a quick test of the $650 zone.

The RSI (14) sitting at 61.16 is significant. It shows that the asset is in bullish momentum but is not yet overbought. RSI over 70 typically signals a market top is near. BNB price still has breathing room to run up before exhausting buying pressure. If RSI climbs toward 75, we may anticipate a short-term top between $735–$750, which aligns with previous price action resistance from April 2024.

If current momentum continues and BNB price breaks above $700 with volume confirmation, the next price targets are: short-term: $710 (minor resistance), $735 (measured move target), and mid-term: $750–$765 (psychological + extension resistance). BNB needs to hold the $675 support in the next 48–72 hours to keep this bullish setup intact. If $675 is lost, downside targets shift to $650 and potentially $620.

Yes, BNB can hit $750, but with conditions. A break and hold above $700 this week could propel BNB price to $735–$750 by the end of July. This move would be supported by continued RSI strength, bullish momentum seen on Heikin Ashi candles, and the ongoing formation of higher highs and higher lows. However, a breakdown below $675 would invalidate this bullish view.