Binance Coin surges 18% to $712, analysts set $725 resistance and $1,190 target

Binance Coin (BNB) recorded a sharp ascent in late August, climbing from around $590 to above $700 within a matter of days. The move marked an 18% gain over seven days, placing BNB among the top performing large-cap cryptocurrencies in recent weeks.

Market recovery fuels BNB rally

The rally brought BNB’s market capitalization back to nearly $94 billion, according to CoinGecko and CoinLore data. On August 26, BNB settled at $707.48, and closed August 27 at $712.16 after reaching an intraday high of $714.88. Despite this strong run, BNB remains significantly below its all-time high of $1,373.40.

Improving market sentiment contributed to the latest surge. Reports show institutional investors turned “extremely bullish” on August 25, with Bitcoin moving toward $80,000 and the Fear and Greed Index hitting its highest mark of the year. BNB also broke through seven weeks of consolidation resistance in a single trading day, with volume supporting the momentum.

Technical analyst Bitcoin Professor identified the $710–$725 range as a major resistance zone for BNB. He argues that a clear move above $725 would be necessary to drive further gains, while holding the $690–$695 support area is seen as crucial for sustaining the bullish trend.

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Rand Group, a crypto analysis provider, commented that monthly closes above $670 signal a bullish continuation for BNB. The analyst emphasized that consolidation above this level on the monthly chart could set up an “extremely bullish” scenario for the asset as it seeks additional gains.

Consolidation above the $670 range on the monthly close would be extremely bullish for BNB, according to analysis by Rand Group.

Technical indicators point to overbought zone

The daily Relative Strength Index (RSI) for BNB recently moved into an overbought territory, with readings in the upper 70s and at times surpassing 80. Other momentum measures such as the Stochastic oscillator, Commodity Channel Index, and Williams %R are also showing extended conditions. The MACD continues to print positive readings, suggesting overall momentum favors the bulls.

Overbought technical readings raise the possibility of short-term consolidation if upward momentum stalls below the $725 mark. However, analysts note that such conditions do not necessarily guarantee an immediate reversal.

Elliott Wave analysis draws attention to $1,190

Technical chartist @finsends indicated that BNB may have established an A-wave bottom in a larger corrective cycle. This analysis points to the potential for a further 20–70% rally before another corrective phase, implying a target range of $780 to $1,190 for the next major leg higher.

BNB could see a realistic move of 20–70% before entering another corrective phase, according to chartist @finsends.

If BNB breaks above $1,400, analysts say that would confirm the start of a higher-degree advance. Some market observers have set a $984 target for December, depending on how the broader trend develops.

Currently, BNB trades above all major moving averages, including the 20-, 50-, 100-, and 200-day periods. The 50-day simple moving average sits at $603, while the 200-day is around $617, both well below the current price.

Traders are focusing on the $725 resistance for signs of continued upside and $690–$695 as the initial support area to watch if volatility increases.