- BNB has tested the resistance at $599.9 but is at risk of a double top formation.
- Momentum indicators point to a potential breakout above $600.
Binance coin [BNB] waIt shows resilience as it neared a critical level, trading at $597.2 with a marginal decline of 0.08% at the time of writing.
The key question for traders and investors is whether BNB can decisively break the USD 600 resistance and ignite a stronger rally.
Let’s analyze the current price action, key technical levels and momentum indicators to understand if this breakout is possible.
BNB current price structure: are we going higher?
BNB has been trading within a bandwidth-bound structure for several weeks, with the price fluctuating between $560 and $600. This follows a consistent uptrend from the August low around $500, reflecting increasing buying pressure.
However, BNB has repeatedly faced rejections around the $599.9 level. Nevertheless, there is growing optimism that BNB could break above this key resistance, potentially opening the door for a rally towards the June $715.7 level.
Key resistance and support levels to watch
The $599.9 level remains the critical resistance and acts as a strong barrier to further upside momentum. Should BNB break this level with a strong close above $600, a rise towards $715.7 could follow.
Conversely, the $560 support level remains intact for now, providing a safety net should the price pull back. Failure to sustain USD 560 could lead to a deeper decline towards USD 500.
A potential bearish signal to consider is the double top formation around the resistance at $599.9. This pattern could indicate a trend reversal, and if BNB fails to break higher, it could trigger a corrective move.
However, a strong breakout above $600 would invalidate this formation, creating a potential bullish extension.
BNB technical indicators: RSI and MACD in focus
The Relative Strength Index (RSI) currently stands at 56, indicating neutral momentum with room for further upside.
Meanwhile, the MACD provided a bullish crossover as it was above the signal line at the time of writing.
Therefore, both indicators suggested that upward momentum was building, increasing the likelihood of a potential breakout.
BNB’s social dominance: a bullish sign?
Furthermore, BNB’s social dominance rose to 0.92% at the time of writing. This increase in attention could further stimulate purchasing interest.
Historically, greater social dominance has often led to greater price volatility and, consequently, stronger price movements.
Read Binance Coin’s [BNB] Price forecast 2024–2025
Is an outbreak coming?
BNB is at a crucial moment. While resistance at $599.9 remains a formidable hurdle, bullish technical indicators and rising social interest suggest a breakout is in the offing.
If BNB can close above $600, the next target would likely be $715.7. Therefore, traders should keep a close eye on the price action in the coming days for a decisive move.