$BNB Technical Analysis: Are We Seeing a Rally to $700 Soon?

$BNB , the cryptocurrency of Binance, has been witnessing strong bullish momentum in recent days, prompting investors to ask: Will the price reach $700 soon? Let’s analyze the situation from a technical perspective.

Technical Overview of Price Action

🔹 Overall Trend: Strong bullish, as BNB moves within an ascending price channel on the daily timeframe.

🔹 Moving Averages: The price is above the 50- and 100-day moving averages, reinforcing the uptrend.

🔹 Relative Strength Index (RSI): Currently near the 65-70 level, indicating strong buying momentum but we may see some corrections before completing the rally.

🔹 Volume: Significantly increased trading volume, indicating increased investor interest.

Important Support and Resistance Levels

✅ Key Support Level: $620 - $600

✅ Strong Resistance Level: $680 - $700

Forecast and Trading Strategy

In case of an upward breakout of $680 with strong momentum, we could see a rally towards $700 and then $750 in the medium term.

In case of a correction, a retest of $600-620 could be a good buying opportunity.

📌 Trader Advice: Buy orders can be placed between $620 - $640 with a stop loss of $590, targeting $700 as the first target, and $750 as the second target.

⛔This is not investment advice. Do your own research.