Binance Coin (BNB) Breakout: Upgrade Fuels Rally Targeting $719
Binance’s BNB Smart Chain surged following the “Maxwell” network upgrade Monday, which aims to enhance validator coordination and network performance.
Simultaneously, Binance Coin (BNB) broke above significant resistance around $660 on Sunday. This breakout has subsequently held, signaling strong buyer interest and potentially flipping the previous resistance level into support.
Chart Analysis: Technical Drivers for BNB
The $660 level held effectively over the weekend and Tuesday, suggesting institutional or whale support around that threshold.
Currently trading above the flat 20-day EMA ($648) but below the crucial overhead zone between $698 and $732. Key support lies near the recently defended $643 level.
A sustained hold above $660 could pave the way towards $675 and the descending channel resistance at $698.
Technical indicators show the RSI currently narrowly above the neutral 50 level, indicating buying interest but avoiding overheating.
An inverse head-and-shoulders pattern is developing, with price needing to close near or above $660 to be validated, targeting former resistance at $719.
Floor Price and Consolidation
If bulls falter, sustained breaks below $643 could lead to deeper consolidation towards the $636-625 zone. The narrow range remains below the original breakout point.
The ascending channel break represents a decisive reversal from the previous downtrend. Buyers are defending the $698 zone aggressively, likely viewing any consolidation there as a buying opportunity.
Upcoming Watchpoints
Critical levels to watch this week include:
- Sustained resistance at $698
- Inverted head-and-shoulders pattern target: Approaching $719
- Consolidation zone near $643-636
BNB Long-Term Context
BNB’s recent movement represents one of several Binance ecosystem upgrades released this year, with claims of significantly improving network efficiency and security.
The BNB price action now looks set to determine whether this momentum is short-term reversal or the start of a more sustained reversal from multi-month lows.
Every investment and trading move involves risk, and readers should conduct their own research when making any decision.
