BNB Price Tests $700 Resistance Amid Token Burn and Rising Active Addresses, Possible Breakout Ahead
2025-07-11 08:37:49
Main Idea
BNB price is testing the $700 resistance level amid token burns and increased network activity, with potential for a breakout toward $745 if momentum continues.
Key Points
1. BNB has been trading between $630 and $690 since early May, with a brief dip to $600 on June 23, reinforcing an ascending triangle pattern.
2. The 32nd quarterly token burn removed 1.59 million BNB from circulation, tightening supply, while active BNB addresses surged from 500,000 in mid-April.
3. Technical indicators show bullish momentum, with RSI at 67 (approaching overbought) and MACD remaining bullish, but caution is advised due to potential short-term pullbacks.
4. A breakout above $700 with strong volume could target the $730–$745 range, with key support levels at $625–$635 and $615.
5. BNB's fundamentals and technical setup suggest potential for upward movement, but confirmation depends on volume and support levels.
Description
Binance Coin (BNB) is currently testing a critical resistance level near $700, signaling a potential breakout driven by recent token burns and increased network activity. After consolidating within a range
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