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Exchange token Binance Coin (BNB) has rallied steadily since early April. In just under six weeks, BNB has risen 17.17% and is approaching the $688 local resistance level. The move has coincided with Bitcoin’s advance from $65.9k to $81.2k, a 23% rally. Despite BNB’s gains, it has underperformed the largest cryptocurrency.
Two notable features stand out on BNB’s 1-day chart.
Technical indicators pointed to sustained upward momentum. The RSI reflected strong upward momentum, while OBV has recorded higher highs since March, signaling increased buying pressure.
Even so, traders were advised not to rush decisions because BNB had not yet breached the $688 range highs.
The 2-hour chart showed bullish momentum and a bullish price structure, including a swing low at $650. A downside breach of $650 would be needed to confirm rejection from the range highs and a continuation of the range formation.
If that downside breach occurs, traders could wait for a bounce toward $670 before looking to sell.
Alternatively, a breakout above $688 toward $810–$876 was presented as a possibility based on the 1-day structure. In that case, traders could consider a long position using a breakout past $688 followed by a retest.
The $650 level was identified as the invalidation point for the bullish setup. The article also emphasized monitoring Bitcoin’s trend to navigate BNB’s volatility.
BNB’s rally measured just over 17% since early April, nearly matching Bitcoin’s performance despite BNB trading within a range. The token was testing local resistance near $688, and the article concluded that it was still too early to confirm whether the move would resolve as a breakout or a rejection.
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