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Amid the market performance, BNB is attempting to reclaim the $650 level. Some analysts believe that a breakout toward the $700 barrier might occur next, which could lead to a bigger move to new highs.
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BNB Breakout To Retest $700
On Friday, BNB dropped to the $640 support after failing to hold the mid-zone of its local price range. The cryptocurrency has been trading within the $630-$690 price range following its reclaim of the $600 barrier last month.
During the May breakout, BNB neared the crucial $700 resistance level, hitting a four-month high of $697. This key level propelled the altcoin’s price toward its $788 all-time high (ATH) after being broken in late 2024 and was lost during the early 2025 pullbacks.
Now, the cryptocurrency is eyeing a reclaim of this area as support to continue its price recovery. Analyst Carl Runefelt from The Moon Show noted that BNB displays a one-month descending triangle pattern on the daily timeframe, with price compressing between the support and resistance levels.
According to the chart, the formation’s support sits around the $635 level, while the descending resistance sits around the $650 area. To Runefelt, a bullish breakout from this pattern could propel the token 10% toward the $700 resistance.
Notably, reclaiming and confirming this key area as support could also send BNB’s price toward another crucial horizontal level.
Analyst Crypto Batman recently highlighted that BNB is forming a multi-month ascending triangle, “holding strong” near the ascending trendline after continuing to bounce from the $635-$640 support zone.
To the market watcher, “Even with market uncertainty, BNB structure is clean after respecting the trendline and bouncing off major support, now eyeing a breakout above $700,” which could be part of a bigger move toward the $800 level.
Is A Move To $800 Coming?
Crypto Batman also noted that the cryptocurrency could be following the same price action as last year. He asserted that the altcoin’s price “loves testing key zones before liftoff,” adding that it is displaying the same base form as it did in Q3 2024.
Last year, the token formed a three-month base around the $460-$470 area, which led to an “explosive” run over the next few months. This year, BNB formed a similar base near the $550 level, and it’s “showing strength again.”
To the analyst, “If the pattern repeats, then patience will give us profits.” Additionally, he pointed out that despite the early April retraces, BNB held its macro range, trading above the range lows and multi-time-tested support.
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The cryptocurrency is now consolidating near the mid-zone, which could propel the price to a retest of the macro range highs around the $729 mark. He explained that “If we see a breakout above the $729 resistance, it could open the path toward a 50% move to the upside.”
The analyst affirmed that BNB’s structure remains bullish as long as the cryptocurrency holds the $490-$500 levels, adding that the $600 mark is also a strong support.
As of this writing, BNB is trading at $641, a 2.9% decline in the weekly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
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