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BNB Breakout

BNB Poised for Rally: Cup-and-Handle Points to $686, $700, and Beyond

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  • 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 7D graph coinmarketcap 1 1
BNB Poised for Rally: Cup-and-Handle Points to $686, $700, and Beyond 3

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.

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BNB Poised for Rally: Cup-and-Handle Points to $686, $700, and Beyond 4

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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BNB Price Prediction: Triangle Pattern Signals Potential Towards $644

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  • Binance Coin is forming a symmetrical triangle pattern, signaling potential for a breakout.
  • The MACD indicator suggests a possible bullish reversal, though confirmation is still pending.
  • BNB is showing strong consolidation, attracting increased attention from traders and analysts.
  • Risk management remains crucial as market volatility could influence the next price direction.

Binance Coin (BNB) is again in the limelight as bullish pressure propels its price. Increased buying pressure and renewed investors’ faith are driving the surge. The MACD is moving upwards, indicating chances of further upward trends. With rising interests of traders and investors, BNB’s surge in prices is gaining the market’s attention, and now traders are waiting for its move.

At the time of writing, BNB is trading at $593.27 with a 24-hour trading volume of $1.24B and a market cap of $83.58B. The BNB price over all the timeframes is showing stability as BNB retests its key support level and also signs for further upward momentum.

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Source: CoinMarketCap

BNB Displays Strong Potential, Targeting Breakout to $644

According to the crypto analyst Andrew Griffiths, Binance Coin (BNB) is gaining increasing attention from traders and analysts as recent activity on the 1-day chart against the USDT is displaying the textbook triangle consolidation chart structure. This technical structure indicates that the coin is in balance, with both sell and buy pressure. Historically, such patterns tend to lead to major breakouts, which makes the coin worth watching.

Over the last few trading sessions, BNB has been trending in a narrowing range, creating a symmetrical triangle structure characterized by lower highs and higher lows. While normally an indication of a continuation of the existing trend, which in the case of BNB has been positive, it also acts as an indication of an impending trend inversion in case the support areas fail.

If bullish momentum returns, three important price targets have been identified. The first target (T1) is $599, just below the psychologically significant $600 resistance. The second target (T2) is $617, near a previous resistance level from March. The final target (T3) is $644, the full estimated size of an already established triangle breakout.

Source: X

BNB Technical Analysis Warns of Caution Ahead

Caution is advisable in the context of recent market volatility. Risk should be managed with appropriate stop-loss levels of $580 (SL1), $559 (SL2), $542 (SL3), and $521 (SL4). These are set strategically near known points of support and will contain downside exposure in the event of worst-case conditions when the price breaks down from the triangle.

From an indicator perspective, the Moving Average Convergence Divergence (MACD) is indicating initial stages of an impending bullish crossover. While this may signal a potential wave of escalating momentum, confirmation is awaited. The histogram is just starting to go upwards; short of an unmistakable signal line crossover over the zero line, the trend is neutral with a cautious tip in a positive direction. The indicator should continue to be watched intently over the days ahead for confirmation.

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