BNB is testing the $675 key resistance level on the 1-week chart, and bulls must reclaim this level to trigger an uptrend rally.
Binance Coin (BNB) faces a critical moment that could determine its price in the coming weeks. As of press time, BNB is trading at $648 with a 0.68% price upsurge amid a low trading volume in the last 24 hours, per CoinMarketCap. However, the coin’s technical setup on a higher time frame reveals a make-or-break moment that will determine its midterm price.
BNB’s 1-week chart shows a prevailing bearish pressure, with the price consolidating within a wide channel between $520 and $675. The coin has recently retested the $675 key resistance level and failed to hold above as bears pulled back strongly. Analysts have argued that BNB needs to confirm its direction at this channel as bulls and bears engage in a tug of war.
So, will the bulls reclaim $675?
BNB’s weekly technical indicators, the MACD (12,26), and moving averages are flashing a “strong buy”, suggesting that bulls are attempting to reclaim the $675 to trigger an uptrend rally. With the price consolidating in a wide channel, this key resistance level remains crucial for BNB’s long-term bullish momentum.
Traders are watching for whale activity, fundamental developments, and buying volume that could reclaim this level and begin a bull rally. Meanwhile, bullish sentiment remains on the higher timeframe as the market anticipates the breakout.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
