Key Takeaways:
BNB price is moving above the USD 650 resistance area.
There is a significant bullish trend line forming with support at $600 on the daily chart.
The price is giving a significant breakout signal and it could move towards the $800 resistance area.


BNB Price
BNB has seen gains above the USD 650 and USD 700 levels. The bulls are currently active above USD 650 and are aiming for more gains above USD 720.
BNB price outperforms Bitcoin
After surpassing the $500 level, BNB price started a moderate increase. On many occasions, it failed to surpass the $620 and $632 resistance levels. Recently, the bulls finally succeeded in breaking above the $632 resistance zone.
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BNB price rallied more than 10% in the past few sessions and even broke the $700 resistance area. It outperformed both Bitcoin and Ethereum. It also steadily moved above the $620 level and the 50-day simple moving average (blue line).


BNB/USD daily chart | Source: TradingView.com
The price reached as high as $716 and it is currently consolidating gains. It is showing positive signs and is trading above the $670 resistance level. It is now trying to break out of the $710 and $720 resistance levels. A successful breakout and close above the $720 resistance will open the doors for another leg up.
The next major resistance is likely to be near the $750 level. If the $750 resistance is successfully crossed, the price could rise further. In this case, the price could test $800. Further gains could push the price towards the $820 resistance level.
Is the pullback supported?
If the price gets rejected near the $720 area, BNB price could decline again. An immediate support is near the $670 level or the 23.6% Fibonacci retracement level of the upward move from the $514 low to $716 high.
A primary support is now forming near the $620 pivot level. There is also a major bullish trend line forming on the daily chart with support at $600. The main support is near $600. If there is a daily close below the trendline support and $600, the selling pressure is likely to increase.
In this case, BNB price could decline and retest the $560 support area or the 50-day simple moving average (blue line). If the bulls fail to protect $560, the bears might even aim for a test of $500.
Overall, BNB price is gaining bullish momentum above the $660 and $680 levels. If there is a close above the $720 resistance, the price could move towards $750 or even $800.