- A sustained weekly close above $662 is seen as crucial for a potential rally to $1,630.
- Failing to break $662 could push BNB back to key support near $570.
- Broader crypto market recovery and Binance blockchain updates are bolstering BNB’s price momentum.
The focus is now on Binance Coin (BNB) because it is approaching an important resistance level of $662. It is for this level to be breached on the weekly chart that many analysts are indicating that once the price manages to sustain a weekly closing above this level then the stage will be set for a massive rally expected to take the price to about $1,630.
Historical Context and Current Trends
BNB has had especially volatile cycles over the course of the past year though it has started to bounce back from lows near $200 in mid-2023. This has been a psychological and technical level that has been tested several times in the past, both in the current and the previous year. For BNB in particular, such price breakouts above critical levels have been followed by strong trends upwards in the price, and the same kind of expectation is now being anticipated.
The rest of the cryptocurrency market also remains active, with primary proxies like Bitcoin and Ethereum successfully establishing themselves after their consolidation phases. At this macro-level of analysis, this has been creating room for such forms of assets as BNB to regain the momentum of making higher highs.
What Could Drive a Breakout?
A number of factors lined up to make BNB have a breakout point as is depicted below. Market sentiment seems to be shifting to the positive side and recent developments to Binance’s blockchain platform are positive to investors. Also, lower transaction fees and adoption of Binance Smart Chain for dApps can provide more tailwinds to BNB’s price.
But analysts have noted that getting a weekly close above $662 is important. Without this confirmation, BNB may again be targeted for selling which will keep it in the current trading range.
If BNB manages to sustain above the $662 resistance level, the target price could be $1,070, with an even higher target price of $1,630 in this view that prop nightmare more than $100% over the current price.
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