The BNB price has recently broken out of consolidation, signaling an upward trend and testing resistance around $680. While it has experienced a slight decline in the past 24 hours, the current stability and momentum suggest a strong bullish trend, aiming for the $700 price point.
Binance Coin (BNB/USD) is trading at $659.16 at press time, seeing a slight 0.89% decrease over the last day. The price of BNB is nearing a key resistance level at $664.14, referred to as the Oblique Major Resistance.
BNB/USD price | TradingView
This level may serve as a significant barrier to further upward movement unless a definitive breakout occurs.
Expert predicts $680 or higher for the BNB price
Analysts predict a significant uptrend for BNB’s price in the near future. On November 24, an analyst named BitGuru forecasted to his X followers that the minor pullback indicates a healthy correction before another upward surge, with the potential to exceed $680 and target even higher levels.
$BNB has broken out of consolidation, forming an uptrend and testing resistance near $680, signaling strong bullish momentum.
The minor pullback suggests a healthy correction before another upward move, with potential to surpass $680 and aim higher.#BNB #cryptotrading pic.twitter.com/qzb1le1QeW
— BitGuru 🔶 (@bitgu_ru) November 24, 2024
Looking at the charts, the moving averages reinforce the bullish sentiment.
The price of Binance coin is comfortably sitting above both the 50-day Simple Moving Average ($599.80) and the 100-day SMA ($576.36). This indicates that BNB is experiencing a strong upward movement, with these levels serving as critical support in the event of a price correction.
On the other hand, if the Binance coin can maintain its position over $650 and successfully surpass the $664 resistance, the next possible target could fall between $675 and $700.
However, challenges loom for the BNB price if it does not manage to overcome the resistance level. A failure to break through the resistance could result in a pullback towards the support zone of $599–624.
Read more: Cardano Price Prediction: Is it Wise to Sell ADA Now?
