BNB broke above the upper end of the trend line from the falling wedge pattern on June 28 and rose 3% in the following 11 days until Wednesday. This pattern was formed by connecting several high and low levels with trend lines since mid-May, and this breakout indicates a bullish bias. At the time this news was written on Thursday, BNB continued to trade higher above $672.
If BNB continues to show its upward trend, it may continue the rally towards the weekly resistance at $709.29.
The Relative Strength Index (RSI) on the daily chart is at 61, above the neutral level of 50, indicating bullish momentum. The Moving Average Convergence Divergence (MACD) indicator shows a bullish crossover at the end of June. It also shows increasing green histogram bars above its neutral zero line, indicating that bullish momentum is gaining strength and continuing the upward trend.
However, if BNB faces a correction, it may continue to decline to find support around the 50-day Exponential Moving Average (EMA) at $650.71, just above the next daily support level at $640.68
