BNB Price Surpasses $600: Can Bulls Drive It to $635?

BNB price has crossed the crucial $600 threshold, currently trading around $605 as of August 10, indicating a recovery from previous lows.

Current Market Situation

After reclaiming the psychological $600 level, BNB’s price reflects improving market momentum, supported by nearby liquidation clusters that may lead to a short squeeze. The token recorded an intraday high near $606.84, demonstrating a notable rebound from a June low of approximately $540. This recent price action represents nearly a 12% gain, suggesting a recovery trend.

Technical Analysis

As of the latest trading session, BNB is slightly above its 100-day moving average of $604.85. The daily Relative Strength Index (RSI) stands at 65.15, indicating increased demand but not yet in overbought territory. Despite showing strength, BNB still faces resistance between $605 and $610, where sellers have previously pushed back.

In addition to moving averages, the 4-hour chart reveals that BNB remains above the Supertrend indicator, which has risen to $593.86, marking key support levels for potential pullbacks.

Resistance and Liquidation Levels

The primary resistance for BNB appears between $606 and $610. A daily close above $610 could breach the recent supply zone, targeting a liquidation cluster near $618–$623. Moreover, a broader analysis suggests that if BNB continues to gain momentum, the 200-day moving average at $628.51 will likely become a critical barrier.

Future Outlook

While the short-term bias remains positive, sustained upward movement will require continued support. Analyst insights indicate that maintaining price levels above $593.86 is essential. Failure to defend the $598 mark could threaten the current bullish setup.

Crypto commentator DongPham highlights that BNB must first tackle the $628–$635 resistance range before aiming for a longer-term target between $780 and $790. However, it’s essential to note that BNB’s performance could also be influenced by broader market movements affecting major cryptocurrencies like Bitcoin and Ethereum.