Binance Coin (BNB) has shown impressive bullish momentum recently, reclaiming the significant $700 level with a 24-hour surge of over 11%. With an 88% increase in its daily trading volume, BNB is currently trading at $708.10, and market observers are now questioning whether the token can extend its gains to hit the $750 mark in the near future. Let’s dive into the technical indicators and market sentiments surrounding Binance Coin to assess its next move.

BNB Price Surge: Key Resistance at $700 Reclaimed

In a notable shift, Binance Coin has surged by 11.17% in the past 24 hours, marking a strong recovery after briefly dipping below the $700 mark. The 24-hour trading volume has also seen a significant spike, with BNB trading at $3.71 billion, a surge of 87.43%. This increase in volume is an important sign of market participation and suggests heightened investor interest.

In addition to this recent surge, BNB has climbed 21.47% in the past week, indicating that the token’s bullish momentum has gained traction. Despite its more modest 30-day increase of 1.19%, the Year-to-Date (YTD) return of around 1% demonstrates that BNB remains resilient in a challenging market environment.

Technical Indicators: Bullish Sentiment Dominates

Looking at BNB’s technical indicators, the Relative Strength Index (RSI) has shown strong bullish action. The RSI successfully retested its oversold range on the daily chart, and this has contributed to the sharp rise towards the overbought range. The average trendline on the RSI now displays a bullish curve, a clear sign that buying pressure is increasing for Binance Coin.

In addition, the Exponential Moving Average (EMA) 50/200-day is also reflecting bullish behavior on the daily chart. When the shorter-term EMA crosses above the longer-term EMA, it is generally seen as a bullish signal. This suggests that BNB could continue its upward trajectory in the short to medium term.

What’s Next for BNB: Can it Hit $750?

As the bullish sentiment continues to dominate, the next potential resistance level for BNB is $720. Should the current momentum persist, Binance Coin could break through this resistance and aim for the next target: $750. This level is significant, as it marks a key price point that could set BNB up for further gains in the coming weeks.

The bullish outlook, however, hinges on market conditions. If the sentiment remains positive and the broader crypto market continues to rally, Binance Coin could see substantial growth toward the $750 level this month.

Risks of a Trend Reversal: What Happens If the Bulls Lose Control?

While the overall sentiment remains bullish, there is always the possibility of a trend reversal. Should bearish pressure increase, BNB could retreat toward its important support trendline at $635. If selling intensifies and market conditions worsen, Binance Coin could even drop further, potentially testing its low of $600.

The ongoing market volatility is always a factor to consider, and while BNB has demonstrated impressive resilience, any significant pullback in the broader market could negatively impact its price action.

BNB Price Outlook: A Rally or Correction?

With Binance Coin reclaiming the $700 mark, the token appears poised for a continuation of its bullish trend. The technical indicators, including the RSI and EMA, are supportive of further upside potential, with $750 being the next key target. However, investors should remain cautious of any signs of a reversal that could drag the price back toward lower support levels.

In summary, while BNB’s immediate price action suggests the potential for further growth, the upcoming price movement will depend on the broader market sentiment and whether bullish momentum can be sustained. Investors will need to keep a close watch on the $720 and $750 levels as potential price catalysts for the coming weeks.