BNB Price Faces Strong Resistance at $720 as Bulls target $958

KEY TAKEAWAYS

•     BNB remains bullish in the long term, but the cryptocurrency is struggling to break above the key $720 resistance level

•     A sustained hold above the $640 and $680 support levels could strengthen the bullish outlook and support another move higher

•     A break above the $720 could open the way toward the previous $958 high,while a loss of key support could push BNB back toward the $500 ¬- $640 range

Technical indicators

Key Resistance Levels: $700, $750, $800
Key Support Levels: $600, $550, $500

BNB/USD Price Long-term Trend: Bullish

BNB’s price has risen to its previous high of $720 as bulls target $958. This is the second time that buyers have pushed the price above $720. On May 30, purchasers were unable to maintain the bullish trend, which was repelled near the recent high.

The cryptocurrency price tumbled, breaking below the $640 support and moving average lines and reaching a low of $536. Today, BNB has rebounded, but it continues to face resistance near $720. The cryptocurrency price is progressively falling back to its earlier low. BNB will resume its bullish ascent if it falls but finds support above $640 and $680.

On the upside, if $720 is broken, BNB will return to its prior high of $958. In contrast, BNB will revert to its range of $500 to $640 if it loses its current support levels. BNB is worth $699.44 today.

Daily Chart Indicators Reading:

On August 22, there is a long candlestick wick piercing through the high of $720. It indicates strong selling pressure at the recent high. The crypto price is above the upward-sloping moving average lines. On the 4-hour chart, the price has retraced above the 21-day SMA support. BNB risks a decline if the price retraces and breaks below the 21-day SMA support.

General Outlook for Binance Coin (BNB)

BNB overcomes the $640 resistance as bulls target $958. However, the altcoin has been compelled to trade sideways after failing to surpass the $720 high. It is trading above the moving average lines but below the $720 level.

 

On the downside, if the bears break below the 21-day SMA support, BNB may fall below the 50-day SMA support or the $665 low. In the interim, the altcoin has dropped to a low of $693.