In terms of market performance, BNB is attempting to reclaim the $650 mark. Some analysts believe that a breakout above the $700 barrier may follow, potentially leading to new highs.
BNB breaks and retests $700
Last Friday, BNB fell to the support level of $640 after failing to maintain its mid-range area. Since breaking back above the $600 mark last month, the cryptocurrency has been trading within the range of $630 to $690.
In the breakout in May, BNB approached the key resistance level of $700, reaching a four-month high of $697. This critical level pushed the price of the altcoin to break through at the end of 2024, rising all the way to a historical high (ATH) of $788, before pulling back in early 2025.
Currently, the cryptocurrency is seeking to reclaim this area as a support level to continue its price recovery. The Moon Show analyst Carl Runefelt pointed out that BNB is showing a one-month descending triangle pattern on the daily chart, with the price contracting between support and resistance levels.
According to the chart, the support level of this pattern is around $635, while the downward resistance is near $650. Runefelt believes that if this pattern breaks, it could push the token up by 10%, heading towards the resistance level of $700.
It is worth noting that reclaiming and confirming this key area as support could also lead BNB's price towards another critical level.
Analyst Crypto Batman recently emphasized that BNB is forming a rising triangle that has lasted for months, maintaining strength near the trend line after continuing to bounce from the support area of $635 to $640.
For market observers, 'even with market uncertainties, BNB has a clear structure after following the trend line and bouncing from major support levels, and is now expected to break through $700,' which may be part of a larger move towards the $800 level.
Will the price rise to $800?
Crypto Batman also pointed out that the price action of this cryptocurrency might be similar to last year. He asserted that the altcoin's price 'likes to test key areas before rising' and added that the fundamental pattern it is currently displaying is the same as in Q3 2024.
Last year, the token formed a three-month bottom around $460 to $470, triggering an 'explosive' rise in the following months. This year, BNB has also formed a similar bottom around $550 and is 'showing strength again.'
For analysts, 'if this pattern repeats, then patience can bring us profits.' Additionally, he noted that despite a pullback in early April, BNB remains within the macro range, trading above the range lows and tested support levels.
The cryptocurrency is currently consolidating near the middle range, which could drive the price to retest the macro range high near $729. He explained, 'If we see a breakout above the resistance at $729, it could open the path for a 50% rise.'
The analyst confirmed that as long as the cryptocurrency stays between $490 to $500, BNB's structure remains bullish, adding that the $600 mark is also a strong support level.
As of the time of writing, BNB is trading at $641, down 2.9% for the week.
