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BNB continues to demonstrate robust bullish momentum, having recently broken through significant resistance levels as it aims for the $720 mark.
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This upward trend is supported by various technical indicators, alongside an increase in social mentions that signify heightened market interest.
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According to COINOTAG data, BNB’s recent market activity has positioned it as a strong contender for future gains with increased institutional interest.
BNB is showing strong signs of bullish behavior, potentially targeting $720 following key resistance breakthroughs and rising social dominance.
Breaking resistance levels: Is BNB ready to surge?
Binance Coin’s performance over the last few days has demonstrated impressive strength as it breached key resistance levels. Following its breakout from the descending trendline, Binance Coin moved past significant price barriers, such as $678 and $660.
Therefore, BNB is now eyeing the next resistance zone at around $720. If BNB manages to clear this hurdle, it could ignite a fresh wave of bullish momentum, pushing it toward even higher targets. This price action suggests that the coin is well-positioned for further growth, especially if it can hold above the $700 mark.
Source: TradingView
How is BNB’s social dominance impacting its rally?
Additionally, the rising social dominance is providing further fuel for its rally. The metric has surged to 1.74%, indicating a growing interest in the coin.
Social dominance often correlates with increased trading volume and more market participation, which can further drive the price upward. As a result, the boost in social chatter surrounding Binance Coin is likely to contribute positively to its ongoing upward movement.
Therefore, the growing attention on social platforms could help sustain this bullish trend, pushing BNB toward the $720 resistance.
Source: Santiment
Technical indicators: Bullish signals from RSI and MA cross
Looking at the technical indicators, BNB’s outlook remains bullish. At the time of writing, the Relative Strength Index (RSI) was at 62.69, indicating the coin is nearing overbought territory but still has room for growth.
Furthermore, the Moving Averages (MA) at 9 and 21 periods have recently crossed, signaling continued upward momentum. The 9-day MA stands at $623.1, while the 21-day MA is at $641.3.
Both confirm the bullish trend. These technical signals point to further upside potential for BNB in the short term.
Source: TradingView
Derivatives data: Volume and Open Interest surge
The derivatives’ data for BNB also supports the bullish outlook. Volume has surged by 170.02%, reaching $3.52 billion, and Open Interest has increased by 32.97%, now at $1.03 billion.
Additionally, Options Volume has jumped by 276.75%, reflecting heightened market activity. These numbers indicate that traders are positioning for more upward movement, which could further propel $BNB’s price.
Source: Coinglass
Conclusion: Will BNB reach $720?
Considering the strong price action, increasing social dominance, bullish technical indicators, and growing derivatives data, it is likely that BNB will continue its upward trajectory.
The breakout above the descending trendline sets the stage for further growth, and the next key resistance around $720 remains a major target.
Therefore, BNB is positioned to maintain its bullish momentum and potentially surpass $720 soon.
