Binance Coin (BNB) surged on fresh bullish momentum tied to treasury inflows, but faces overhead resistance as traders lock in profits.
Binance Coin (BNB) posted a sharp rally earlier today, briefly touching a local high of $778 before retracing to trade near $772.61, according to the 4-hour chart on Binance. The move follows speculation around a $500 million treasury deployment, fueling renewed interest in BNB across both spot and derivatives markets.
“These types of institutional inflows often create short-term price spikes,” said a crypto analyst monitoring large wallet movements. “But sustainability depends on whether price can hold key support zones.”
On the chart, BNB broke out of a descending wedge pattern formed between late May and early July—a historically bullish reversal signal. This breakout led to a sharp uptrend, which found temporary resistance in the $780–$790 zone, now marked as a supply area (red box). Price was rejected from this region after testing it twice, suggesting seller presence remains strong.
“The $780 level is technically significant,” the analyst added. “It lines up with past horizontal resistance and is psychologically close to the $800 round number.”
Below, support is clearly visible in the $735–$745 zone (green box), where price previously bounced. If current retracement continues, BNB is likely to retest this support area, where demand may re-enter the market.
The volume profile also indicates a spike in buying during the breakout, followed by lower volume on the sell-off, suggesting that the current dip may be corrective rather than a trend reversal.
Another notable area is the former resistance zone around $675 (orange box), which could serve as a deeper support if the market weakens.
“We’re seeing a healthy correction after a parabolic move,” a trader noted. “As long as BNB holds above $740, the bullish structure remains intact.”
With BNB up over 18% in recent sessions, eyes remain on whether bulls can flip $780 into support or if further consolidation will be needed before another breakout attempt.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.