- BNB broke out above $620 earlier this month and briefly touched $690 before pulling back.
- The token is holding above key support at $650, with $690 acting as the next major resistance.
- A cup-and-handle pattern on the 4-hour chart points to possible targets at $686, $700, and $716.
Binance Coin (BNB) has been making significant strides in May, signaling renewed bullish sentiment. Earlier this month, Binance Coin broke out of a tight consolidation range and surged past the critical $620 level with notable trading volume.
This breakout served as a strong indicator that buying pressure was returning to the market. Following the move, the token entered a short consolidation phase around the $650–$660 range before pushing higher and briefly touching $690.
Although it pulled back from that level, the broader trend remains bullish as long as BNB holds above the $620 support zone. In the short term, $650 acts as solid support, while $690 stands as a key resistance level to watch.
At the time of writing, BNB is trading at $667.61, up 2.67% over the past 24 hours. However, the 24-hour trading volume has decreased by 22%, standing at $2.06 billion. Despite this decline in volume, BNB maintains a strong market capitalization of $94.05 billion, reflecting investor confidence and a steady hold among top crypto assets.
BNB Tests Resistance with Breakout Targets at $700+
Adding to the bullish narrative, technical analysts from Rose Premium Signal have identified a cup-and-handle formation on BNB’s 4-hour chart, a pattern often associated with strong continuation rallies. The token is currently testing a crucial resistance level that forms the neckline of this pattern. If BNB successfully breaks above this neckline and confirms it through a retest, analysts suggest the token could embark on another sharp upward move.
The projected targets for this breakout are set at $686.01, $700.02, and $716.88. These levels mark potential milestones that BNB could reach if momentum continues to build and the breakout is supported by increased volume. The $700 level, in particular, holds psychological significance and could attract additional bullish interest if breached.
BNB appears to be gearing up for a potential breakout that could take the token to new highs. With a bullish chart structure forming and key levels in play, traders are advised to monitor price action closely. A confirmed breakout above $690 could pave the way for a run toward the $700 mark and beyond.
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