BNB Focuses on 700 Bullish Trendline Signals Future Rebound

BiJie.com reports:
BNB’s trading is on an upward trend line, possibly breaking through the resistance level of $615 and soaring to $700.
Technical indicators such as RSI and open interest contracts suggest that the price will further fluctuate, indicating a potential rebound in the future.
Binance [BNB]
Binance’s native cryptocurrency has been on an upward trend since early October. After experiencing volatility throughout September, including a low point of $477, the token has rebounded and is recovering its earlier losses.
This recovery is due to a bullish trend, which strengthens BNB’s position in the market.
In the past two weeks, BNB’s value has increased by 5.5%, with a 2% increase in the past week alone. However, despite this positive momentum, the token experienced a 1.9% pullback in the past 24 hours, bringing its current price to $595.
Prior to this, BNB reached a 24-hour high of $610.
Despite a slight decline, BNB’s recent market performance indicates a stronger rebound in the coming weeks.
Technical indicators show further upward movement.
Daily Price Chart
Analysts of BNB state that the asset has maintained an upward trend line, which typically indicates continued growth. This trend line serves as a solid support level, as BNB’s price has not fallen below it in recent weeks.
If the asset maintains this trajectory, BNB may challenge its next major resistance level of $615, which is a key area that was previously rejected.
Successfully breaking through this level may open the door for the asset to soar to $700, potentially reclaiming its peak of $722 in June.
An upward trend line, as observed in BNB’s current market behavior, is a key technical pattern indicating a bull market. This reflects sustained higher lows, indicating that buyers are entering at continuously higher price levels to support the asset.
When the price of a cryptocurrency consistently follows an upward trend line, it indicates that the asset is experiencing sustained buying pressure, which may ultimately lead to a breakthrough of resistance levels.
For BNB, this trend line has been in existence for several weeks, indicating its potential for continued growth.
BNB’s Fundamental Outlook
In addition to technical patterns, other indicators also suggest further potential gains. One of these indicators is the Relative Strength Index (RSI), which is a momentum oscillator used to measure the speed and change of price movements.
RSI ranges from 0 to 100, with readings above 70 typically considered overbought and readings below 30 considered oversold. The current RSI for Binance Coin is 58, indicating a neutral market condition.
This level suggests that while Binance Coin is not in overbought territory, it still has room for upside without facing significant selling pressure.
Further supporting this positive outlook is data from CoinGlass, which shows a mixed sentiment in open interest contracts for BNB.
Reading: Binance Coin (BNB) Price Prediction 2024-2025
While the total value of open interest contracts (representing the total outstanding derivative contracts) for BNB decreased by 3.27% to $541.43 million, the volume of open interest contracts increased by 38.94% to $645.18 million.
The increase in open interest contract volume indicates growing market participation and increased trading activity, suggesting that traders are preparing for potential price movements of BNB in the future.