Binance Coin (BNB) price is nearing a key resistance level at $700, possibly indicating a breakout. This is occurring alongside a recent token burn and an increase in user activity.
Current BNB Price and Its Range
Since early May, BNB has been trading within a range of approximately $630 to $690, with a brief drop to the $600 level on June 23 that quickly recovered. This drop tested the lower trendline support, reinforcing the ascending triangle pattern, which features a relatively flat horizontal resistance around $685 – $700. The price is currently testing this level, trading at $686 after wicking as high as $695 today.
Factors Contributing to BNB's Rise
This time, BNB may be poised for a breakout, supported by multiple bullish catalysts. First, BNB Chain recently completed its 32nd quarterly token burn, permanently removing 1.59 million BNB from circulation. This reduction in supply is typically seen as a bullish driver, as it increases the token’s scarcity. Secondly, BNB’s active addresses have been steadily rising since mid-April, climbing from around 500,000 to over 1 million by early June, according to Glassnode data. While there has been a slight pullback recently, current levels remain elevated — hovering between 900,000 and 1 million — well above the March lows of around 400,000.
BNB's Prospects and Support
If the BNB price breaks above the $700 horizontal resistance with strong volume and follow-through, it could trigger a move toward the $730–$745 zone — a key area where the price faced multiple rejections during previous rallies. On the downside, immediate horizontal support lies at $625–$635, followed by weaker support around $615, and then the ascending trendline support near $600. Momentum indicators support the bullish case: the RSI is at 67, approaching overbought territory, which could lead to brief pullbacks or consolidation, though there’s still room for a breakout above the trendline.
In summary, a confirmed breakout above $700 with strong volume could drive BNB toward the $730–$745 range in the near future. However, short-term pullbacks may be expected near overbought RSI levels before continuation.
