BNB is gaining pace above the $700 resistance level. There was a clear breakout and the price could now aim for a move toward $750.BNB Price Regains Bullish MomentumAre Dips Supported?
BNB Price Regains Bullish Momentum
After facing rejection near the $800 zone, BNB saw a steady decline. There was a move below the $700 and $600 support levels. The bears even pushed the price below $550 before the bulls appeared.
A low was formed near $508 and the price recently started a fresh increase. There was a steady move above the $600 and $620 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $745 swing high to the $508 low. There was a clear move above a major bearish trend line with resistance at $688 on the daily chart.
BNB/USD daily chart | Source: TradingView.com
BNB is now up over 20% in the past two days, beating both Bitcoin and Ethereum. The current price action is positive above the 76.4% Fib retracement level of the downward move from the $745 swing high to the $508 low.
It is now attempting an upside break above the $720 resistance level. A clear move and close above the $720 resistance could open the doors for a move toward the $745 high or even $750.
The next major resistance could be near the $790 level or the 1.236 Fib extension level of the downward move from the $745 swing high to the $508 low at $800. A clear move above the $800 resistance might pump the price higher further. In the stated case, the price might test $850.
Recently, Binance shared details of BNB Incubation Alliance to be held on Tuesday, 25 February 2025 at ETHDenver to support and accelerate the growth of early-stage blockchain projects.
Are Dips Supported?
If BNB price fails to clear the $720 resistance, it might start a downside correction. Immediate support is near the $700 level. The first major support is now forming near the $680 level and the 50-day simple moving average (blue) or the same trend line.
The main support is $650. A daily close below $650 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $625 support region. If the bulls fail to protect $625, the bears could even aim for a test of $565.
Overall, BNB price is gaining bullish momentum above the $680 and $700 levels. A close above the $720 resistance could send the price toward $750 or even $800.
