BNB price climbed toward the $660 level after breaking above a multi-month descending triangle resistance, with traders increasingly positioning for a larger upside move toward the $785 region.
Summary
- BNB broke above a multi-month descending triangle resistance, with the bullish breakout pattern projecting a potential move toward $785.
- CoinGlass data showed BNB futures open interest rising more than 7% over the past 24 hours as leveraged traders increased bullish positions.
- Technical indicators, including a bullish MACD crossover and a strong Aroon Up reading above 90, signaled strengthening upward momentum.
After briefly dipping near $627 earlier this month, BNB (BNB) price rebounded sharply to trade around $655 at press time on May 11. The token has now gained steadily alongside the broader crypto market recovery as investor appetite for risk assets improved.
On the derivatives market, traders have continued increasing bullish exposure toward BNB as momentum strengthens. CoinGlass data show that BNB futures open interest climbed over 7% during the past 24 hours, signaling fresh capital entering the market. Meanwhile, the long/short ratio on Binance remained firmly tilted toward bullish positions, suggesting that most leveraged traders continue expecting further upside.
Positive funding rates across major exchanges also indicate that long traders are willing to pay premiums to maintain bullish positions, often a sign of strengthening market confidence during breakout phases.
On the daily chart, BNB has successfully broken above the descending resistance trendline that had capped upside attempts since February, confirming a bullish breakout from a descending triangle structure.
The pattern breakout projects a potential upside target near $785, derived from the height of the triangle added from the breakout point. That level also aligns closely with a previous resistance zone seen earlier this year.
Momentum indicators continue supporting the bullish setup. The MACD has completed a bullish crossover while the histogram continues printing expanding green bars, suggesting strengthening upside momentum.
At the same time, the Aroon Up indicator has surged above 90 while the Aroon Down line remains near lower levels, signaling strong bullish trend conditions and weakening selling pressure.
If bulls maintain momentum above the breakout zone near $640, BNB could attempt a move toward the intermediate resistance around $740 before potentially targeting the projected $785 level.
On the downside, failure to hold above the broken trendline could weaken the breakout structure and pull BNB back toward the $627 support region, where buyers recently stepped in aggressively.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
