BNB edges toward key resistance as 1.59 token burn fuel bullish momentum
2025-07-11 08:04:18
Main Idea
BNB's price is testing resistance levels around $700, supported by recent token burns and increased active addresses, with potential for further gains if it breaks through this level.
Key Points
1. BNB has been trading between $630 and $690 since early May, briefly dropping to $600 on June 23 before recovering.
2. BNB Chain completed its 32nd quarterly token burn, removing 1.59 million BNB from circulation.
3. Active addresses on BNB Chain have risen from around 500,000 in mid-April to over 1 million by early June.
4. A breakout above $700 with strong volume could push BNB toward the $730–$745 zone.
5. The RSI is at 67, nearing overbought territory, which may lead to short-term pullbacks before further gains.
Description
BNB price is testing key resistance near $700, signaling a potential breakout fueled by a recent token burn and rising active addresses. Binance Coin ( BNB ) has been trading within a range between approximately $630 and $690 since early May, with a brief drop to the $600 level on June 23 that quickly recovered. That drop tested the lower trendline support, reinforcing the ascending triangle pattern, which features a relatively flat horizontal resistance around $685 – $700. The price is currentl...
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