Binance Coin (BNB) Price: Technical Analysis Shows Bullish Momentum Building Toward $700

TLDR

BNB is trading within a $531-$725 range that has been in effect since December 2024 The token is currently priced at $669.52 with bullish momentum building across multiple timeframes On-chain activity on Binance Smart Chain surged with DEX volume reaching $178 billion in May Technical indicators show accumulation patterns with MACD forming a bullish crossover on weekly charts Traders are targeting the $700 level as the next key resistance point

---

Binance Coin has been consolidating within a defined range for several months. The token is currently trading at $669.52 after showing signs of renewed bullish momentum.

BNB Price

The price action has been contained within a range from $531 to $725 since December 2024. BNB has not yet broken out beyond this range despite recent buying pressure.

On-chain activity on the Binance Smart Chain has increased dramatically. DEX volume on BSC climbed to $178 billion in May, representing a major increase in network usage.

The recent consolidation phase followed a decline from around $690 to $640 between May 28 and May 31. This downward movement was followed by a recovery phase that began in early June.

Technical Indicators Show Bullish Momentum

The weekly chart reveals encouraging signs for buyers. After bottoming near $600 earlier in the year, BNB has gradually posted higher lows and modestly rising highs.

The MACD indicator has formed a bullish crossover on the weekly timeframe. The MACD line currently sits at 9.92, exceeding the signal line at 4.13.

The RSI stands at 56.46, remaining in neutral-to-bullish territory. The RSI has been gradually climbing since April, indicating increasing buying strength without reaching overbought conditions.

On the daily chart, the On-Balance Volume has been rising steadily over the past 10 weeks. This pattern suggests accumulation by investors during the consolidation period.

Price Targets and Trading Levels

The mid-range level at $628 coincides with a bullish order block from November. This area has been respected as both a demand and supply zone throughout the consolidation.

Source: TradingView

Current price action shows BNB stabilizing within the $660-$675 range. The token has been forming higher lows and gradually climbing since early June.

Open interest data shows speculative activity has cooled after peaking at 4.8 million contracts on May 29. The metric has since declined to 3.4 million contracts.

Source: Coinglass

Trading volume over the past 24 hours stood at $389.09 million. This is lower than the token’s usual daily average volume of $1.5-$2 billion.

The $700 level represents the next key resistance target for bulls. A strong weekly close above this psychological barrier could open the path toward $740-$780.

Liquidity analysis shows the $630 and $700 zones as attractive targets. However, their liquidity levels are not as high as what was seen at $650 in early May.

Source: Coinglass

The 2-week liquidation heatmap shows magnetic zones at $640 and $690 as the next price targets. Traders can potentially wait for a dip to $630-$640 to enter long positions.

BNB maintains its status as a key asset in the crypto space with a market cap near $97 billion. The circulating supply stands at around 145.9 million tokens.

The post Binance Coin (BNB) Price: Technical Analysis Shows Bullish Momentum Building Toward $700 appeared first on CoinCentral.