$BNB Price Forecast: BNB down 5% from peak as Windtree Therapeutics plans $520 million treasury 

BNB (BNB) price is down slightly to trade at $771 on Friday, after correcting from its new record high of $809, reached on Wednesday. The Binance exchange native token is up nearly 20% in July, amid relatively overheated market conditions and institutional adoption.

The next few days could be crucial in providing insight into the direction BNB will likely take, particularly with risk-off sentiment spreading across the cryptocurrency market, hinting at profit-taking activity in the wake of the bullish wave that has dominated the past three weeks.

Technical outlook: BNB upholds bullish outlook

BNB price holds near record highs as bulls anticipate the resumption of the uptrend. The Relative Strength Index (RSI), which is currently overbought, shows signs of extending the upswing after stabilising at 76.

A recovery toward the maximum 100 level would suggest that bullish momentum is building, but also signal overheated market conditions likely to result in a price pullback.

The Moving Average Convergence Divergence (MACD) indicator upholds a buy signal triggered on June 28 when the blue MACD line crossed above the red signal line.

Still, with the RSI showing overheated market conditions, traders should temper bullish expectations. Should the blue MACD line cross below the red signal line while the RSI extends the decline below 70, the path of least resistance could stay downward. This could result in a longer-than-expected trend reversal toward support at $689, provided by the 50-day Exponential Moving Average (EMA).

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