By Nermeen Nabil Khear 
TLDR
- BNB shows relative strength compared to broader market, maintaining key support levels
- Price action forming potential double bottom pattern that could signal a bullish reversal
- $730 remains a critical resistance level tested multiple times this quarter
- USDC market share on Binance has grown 1,621% in the past year (from 0.48% to 8.26%)
- MiCA compliance requirements driving stablecoin shifts on the platform
Binance Coin (BNB) has demonstrated stronger performance than much of the crypto market recently. While other cryptocurrencies experienced deeper corrections, BNB has maintained important support levels, showing resilience amid market volatility.
The most recent buying activity has pushed BNB prices toward key resistance zones. These price levels suggest possible upward movement in the near future, though traders should remain cautious about approaching resistance barriers.
BNB rebounded from a support level around $560, potentially forming a double bottom pattern. This pattern would be confirmed if the price breaks above $650, which could signal a bullish reversal.
High trading volume has accompanied recent BNB price movements. This increased activity likely comes from traders looking to capitalize on short-term price action in the volatile market.
Currently, BNB price action is concentrated between $690 and $730. The $730 level has been tested multiple times throughout the past quarter but hasn’t been decisively broken, suggesting growing selling pressure at this threshold.
If buying momentum continues, BNB could attempt to push through the $730 resistance level. A successful breakthrough might open the path toward a rally to approximately $794.68.
However, the large number of short liquidations already recorded could act as a barrier to further upward movement. This technical factor adds another layer of resistance that buyers must overcome.
On the downside, if BNB fails to maintain its current momentum and faces strong selling pressure at key resistance, it risks falling back toward lower price levels. The nearest critical support below current prices sits at $550.
Trading Analysis
A breakdown below this $550 support could trigger additional selling, potentially testing the $500 zone. This area has previously served as a psychological support level for BNB traders.
In summary, while BNB has the potential to move higher, its proximity to key resistance and the possibility of short liquidations suggest caution. Traders might look for consolidation above $730 as bullish confirmation or a breakdown below $550 as bearish continuation.
Beyond price action, stablecoin dynamics on the Binance platform are also worth noting. USDC’s market share on Binance has grown dramatically over the past year, increasing by 1,621% from just 0.48% to 8.26%.
This extraordinary growth is largely attributed to Binance’s planned delisting of USDT for European Union clients. This move aims to comply with the Markets in Crypto-Assets (MiCA) regulations in the EU.
The shift not only increases USDC visibility on the platform but could also impact BNB stability. As regulatory developments continue to influence stablecoin movements, they might validate BNB’s double bottom pattern.
This technical formation would represent solid support and possibly signal an upward reversal for BNB as stablecoin activity intensifies on the Binance platform.
With BNB trading at these key levels, maintaining awareness of both upside potential and downside risks remains crucial for traders active in BNB markets.
The post Binance Coin (BNB) Price: Testing $730 Resistance After Forming Potential Double Bottom appeared first on Blockonomi.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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