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BNB

BNB Bulls Regain Momentum: Is A Break Past $800 Resistance Imminent?

Godspower Owie
by Godspower Owie
8 months ago
·
Posted in BNB
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

BNB is demonstrating resiliency, reclaiming the $724 mark as bullish momentum gathers steam. After weeks of navigating through volatile price swings, the bulls seem determined to make their presence known. However, the big question remains: can they sustain this rally and push the price toward the highly anticipated $800 milestone?

With momentum building and market sentiment turning bullish, the stage is set for a potential breakout that solidifies the asset’s upward trajectory. Will this be the moment investors have been waiting for, or will resistance once again prove too strong?

BNB Reclaims $724: A Key Step In Its Bullish Recovery

BNB’s recent move above the $724 mark signals a pivotal moment in its bullish recovery, reigniting optimism in the market. This level, which previously acted as a resistance, now serves as a foundation for the bulls to build upon as they eye the critical $800 target. The breakout reflects a shift in market sentiment, with increased buying pressure and stronger trading volumes supporting the upward move.

BNB
$800 mark in sight after a break past $724 | Source: BNBUSDT on Tradingview.com

Historically, $724 has been a key psychological and technical level, and reclaiming it demonstrates renewed confidence in the token’s potential. This recovery comes when the broader crypto market is showing signs of strength, further boosting the momentum behind BNB’s rise. However, for this bullish trend to sustain, the price must consolidate above $724 while maintaining upward pressure to challenge higher resistances.

Related Reading: BNB Forms Bullish Flag Pattern On 1-Day Chart – What’s Next?

Additionally, the Relative Strength Index (RSI) further confirms the upside strength of BNB as it continues its recovery. The RSI, a key technical indicator used to measure the strength of a trend, has recently risen above the critical 50% level, a sign that buying pressure is gaining traction. Currently sitting at 58%, the RSI suggests that BNB is in positive territory, indicating that the bulls are asserting control and more upward movement is possible.

Key Resistance Levels: Why $800 Is Crucial For Bulls

The $800 mark stands as a critical resistance level for BNB, representing both a psychological barrier and a key technical challenge. This level has historically acted as a ceiling, with prior attempts to breach it met by significant selling pressure. Breaking above $800 would signal strong bullish momentum and pave the way for further gains, potentially drawing in more buyers and fueling a sustained rally toward new highs.

Related Reading: Binance Coin Hits New ATH As XRP Investors Rotate Funds Into This New Altcoin

Failing to break the $800 resistance could trigger a pullback, allowing bears to regain control and push the price toward the $724 support level. If BNB drops below $724, it could open the door to more declines, with additional support levels coming into play as potential targets for the bears.

BNB
BNB trading at $723 on the 1D chart | Source: BNBUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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