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Binance Coin (BNB) has surged past the $700 psychological resistance, climbing to $725 before entering a retest phase at $680. Despite market volatility, technical indicators suggest the potential for a renewed rally.
BNB Struggles to Maintain Momentum After Breaking Resistance
While the crypto market remains uncertain, BNB has made several attempts to break key resistance levels. Recently, the token reached $725 on February 13, 2025, before retracing to its current level. Despite facing challenges, BNB successfully surpassed the $660 and $678 resistance zones**, indicating a bullish undertone. However, the $720 resistance level proved challenging, preventing sustained upward movement.
Social Metrics and Technical Indicators Signal Strength
According to Santiment, Binance Coin’s social dominance has seen a sharp rise, currently standing at 1.74%. This increase typically correlates with heightened trading volume and growing investor interest.
Additionally, technical indicators like the Relative Strength Index (RSI) and Moving Averages (MA) confirm positive signals. The RSI initially surged to 62.69, entering the overbought territory, before peaking at 75 and subsequently cooling off to 57.54.
Meanwhile, short-term moving averages suggest further bullish potential. The 9-day MA stands at $623.1, while the 21-day MA has reached $641.3, indicating upward momentum.
BNB Derivatives Data Shows Mixed Market Reactions
Data from Coinglass reveals that Binance Coin’s derivatives volume skyrocketed by 170.02%, surpassing $3.52 billion. Open interest also saw a 32.97% increase, reaching $1.03 billion. However, after the initial rally, trading volume surged 55%, pushing the total volume to $5.21 billion, yet open interest dropped by 6.66%, settling at $940 million.
With increasing investor confidence, Binance Coin’s future price action depends on whether it can reclaim $700 and surpass $720 in the coming sessions.
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