BNB Eyes $730 as Resistance Tests Hold

Blockonome Gnome

Mar 7

Technical signals hint at bullish reversal

TLDR:

BNB shows strong support in the $690-$730 range.

Potential double bottom pattern may signal a bullish reversal.

$730 remains a tough resistance; below $550 support could trigger further selling.

USDC market share on Binance surges 1,621% amid regulatory shifts.

Binance Coin (BNB) is carving out its own narrative in a volatile market, maintaining crucial support levels between $690 and $730. Recent price activity suggests a potential double bottom pattern—a technical formation that, if confirmed, might pave the way for a bullish reversal. “We’re seeing strong buying interest near key support levels, which bodes well for the token’s resilience,” noted a market analyst.

The chart has drawn attention as BNB rebounded from a support area around $560, potentially setting up a double bottom scenario. Should the price break above $650, this pattern could be confirmed, pushing the coin closer to testing the critical $730 resistance level—a barrier that has been met with considerable selling pressure over the past quarter.

High trading volumes have accompanied these movements, hinting at heightened short-term activity. However, the situation remains precarious. “A sustained move above $730 could open the door for a rally towards $795, but if we see a breakdown below $550, it could trigger significant selling,” explained another analyst.

Beyond the technicals, stablecoin dynamics on the Binance platform are playing a notable role. USDC’s market share on Binance has skyrocketed by 1,621% over the past year—from a mere 0.48% to an impressive 8.26%. This surge is largely driven by Binance’s strategy to delist USDT for European Union clients in line with MiCA compliance. The shift not only boosts USDC’s visibility but may also influence BNB’s stability as more traders seek compliant assets.

As BNB navigates these critical levels, traders remain cautious yet optimistic. The interplay between robust technical support and potential regulatory-driven market shifts will likely define the token’s near-term trajectory. “It’s a waiting game now—either consolidation above $730 or a slip below $550 will set the tone for what comes next,” an industry insider remarked.

photo / Blockonome