Binance Coin (BNB) Nears $700 Resistance: Is $750 Next?

Binance Coin (BNB) hits $697 before pulling back, raising concerns of a bearish reversal. Will BNB correct to $637 or break higher to $750? With an overnight price surge in the crypto market, Binance Coin nears the $700 psychological level. As BNB struggles to overcome this resistance, an intraday pullback of under 1% signals a possible bearish reversal. Could this lead to a retest of the $637 support level? BNB Coin Price Analysis On the daily chart, Binance Coin shows a bullish breakout following a short-term pullback, resulting in a price surge toward Tuesday’s peak at $697—however, the intraday pullback to $681 hints at a potential reversal.

Tuesday’s 24-hour high is very close to the previous swing high near $698. The proximity to the $700 psychological level creates a high supply zone, suggesting Binance Coin may experience short-term volatility. Nonetheless, the recent bullish crossover of the 50-, 100-, and 200-day EMA lines has produced a positive alignment. Immediate dynamic support at the 50-day EMA sits at $636, near the $637 horizontal support level. Additionally, the MACD and signal lines remain positively aligned above the centerline. However, their close proximity and converging movement indicate strong volatility and potential downside risks. Price action traders can anticipate a bullish move if Binance Coin breaks above the $700 psychological level, with an immediate target of $750. Conversely, a pullback below Tuesday’s opening price of $674 could trigger a steeper correction. Immediate support levels are near the $650 psychological mark, followed by the $637 horizontal support. BNB Bulls Hold Strong in Derivatives Market Despite short-term spot market volatility, BNB derivatives maintain strong bullish sentiment. According to Coinglass, open interest remains steady at $829.53 million, while options volume has surged 91.30% to $3.15 million. Additionally, the bullish intent in the derivatives trade recovers as the over-weighted funding rate flips positive to 0.0032% and the long-to-short ratio surpasses the bullish threshold at 1.