BNB demonstrates remarkable resilience, breaking through critical resistance levels and setting its sights on an impressive target of $730.
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BNB flipped $640 into support, putting the $700 milestone within reach amid a confirmed breakout from long-term resistance.
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Open Interest climbed to $840 million, signaling increased capital inflow and growing trader confidence in BNB’s upward trajectory.
This article explores BNB’s bullish momentum following substantial price movements and an upsurge in trader interest, emphasizing critical resistance levels and market implications.
Technical Breakout and Shift in Market Structure
Binance Coin’s BNB showed renewed strength after holding firm above the $500 support level. This price level experienced three rejections that eventually led to a bullish breakout above the supply zone around the $640 psychological level.
The rebound above this level also reversed a long-term downtrend line, indicating a potential shift in the market structure. A previously acting supply barrier is now a demand zone—a sign of shifting bullish momentum.
Source: TradingView
Bullish Accumulation after Retesting New Demand Zone
After the breakout, BNB briefly pulled back to test the $640 zone. Instead of breaking down, the price set new support, confirming the role reversal from supply to support. In fact, the retest drew in stronger buying volume, signaling that bulls were not only present—but in control.
With $640 now defended, higher price targets are no longer speculative—they’re probable.
Liquidity at $730 and the $700 Target in Sight
The next target that is so obvious is at the $700 level. It’s not just a psychological level—it’s a stepping stone to a liquidity cluster at $730. Prices usually push to such liquidity clusters, especially when momentum is building up.
BNB traders appear to be setting sights on this unmitigated spot, and as such, the move up towards $700 could be more than speculative—it could be structurally backed.
BNB Open Interest Rally Enhances the Bullish Narrative
Backing the technical setup, Open Interest jumped over 10% to hit $840 million at press time. The rise shows higher capital inflows into derivatives, meaning increased market confidence.
Growing Open Interest is known to fuel volatility and trend extension, especially if combined with a solid technical setup like BNB’s recent breakout.
Source: CoinGlass
Conclusion
BNB is presently basking in a wave of bullish momentum fueled by technical developments and market participation. If the trend sustains, $700 could be the next important hurdle, one which hopefully will be short-lived, considering the untapped liquidity above $730.
