BNB gained momentum after breaking and closing above the resistance of $698 on Wednesday.
The BNB/USDT pair broke the resistance of $732 and reached the level of $761 on Friday, where the bears are mounting a solid defense. If buyers do not allow the price to drop below $732, this suggests positive sentiment. This increases the chances of a breakout above $761. The pair could then surge to $794.
Conversely, if the price continues to drop and falls below $732, it could indicate the formation of a range. The pair could oscillate between $698 and $761 for a while.
Both moving averages have an upward slope, and the RSI is in the overbought zone on the 4-hour chart, indicating that the bulls are in control. The pair dropped from $765, but a positive signal is that the bulls have not allowed the price to fall below $732. Buyers will attempt to push the pair up to $794.
The first sign of weakness will be a close below the level of $732, and selling could increase if the pair falls below the 20 EMA.