Key Insights:
- BNB trades above key $730 level as bulls eye potential rally toward $900 with strong buyer interest.
- Whale Factor warns of $650 dip if $730 breaks, while 4-hour candles remain closely watched by traders.
- Circle’s USYC hits $1.5B on BNB Chain as Binance addresses technical withdrawal issues on its platform.
Binance (BNB) is now trading close to a key price level that could shape its short-term direction. Market watchers are focused on the $730 support zone, which has held firm since August. The price is showing signs of pressure, but some traders remain optimistic about a bounce.
BNB Holds at Key Support Amid Selling Pressure
BNB is currently priced at $780.49, showing a 3.35% rise in the last 24 hours. However, this upward move comes while the price remains near the $730 support level. This zone has acted as a base since mid-2023, and traders are now watching to see if it will hold once again.
Based on Whale Factor, “We are currently sitting right on the $730 Major Support. This zone has been held since August, but the recent sell pressure is heavy.” Also added that if the level breaks on a daily close, the price could fall quickly to the $650 range.
Bulls Target $900 If Support Holds
However, tracking BNB’s short-term moves, a bounce from $730 could open the path to higher levels. A clean recovery above current levels may attract more buyers and bring the price toward the next resistance. Whale Factor noted that a clean bounce could experience a $900+ target for a massive reclaim.
BNB Holding Key Support | Source: XThis area above $900 has seen past activity, so a move higher could bring added trading volume. Technical traders are monitoring the 4-hour candle charts closely and waiting for a clear signal before acting.
Circle’s USYC and Binance Platform Updates
Recent developments on the BNB Chain include growth in Circle’s USYC tokenized money market fund. Token Terminal reported that the product has passed $1.5 billion in market cap on BNB Chain. This may support user interest in the ecosystem even during price swings.
Increased demand could help support a price rebound, though some traders have doubts about near-term gains.
Meanwhile, Binance announced temporary technical issues with withdrawals on its platform. The exchange said in a post, “Our team is already working on a fix, and services will resume as soon as possible.” While this may not be directly tied to BNB’s price, traders are watching both network and platform updates closely.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/bnb-tests-critical-730-support-eyeing-900/
