BNB approaches $600 as price breaks 45‑day downtrend

On July 31, Binance Coin (BNB) rallied more than 5% to trade around $590, breaking a descending trendline that had limited the token for about 45 days. The move pushed the price above the Bollinger Band’s upper boundary and saw the 4‑hour RSI rise to 65, indicating strong but stretched momentum. Technical analysts note that while the breakout is stronger than previous tests, BNB must close above the psychological $600 level to confirm a sustained reversal.

Network activity also supports the price rise, with BNB Chain processing roughly $19 billion in weekly decentralized‑exchange volume and utilization climbing from about 17% to nearly 30%. However, the token still faces key resistance around $590‑$600 and must overcome this zone to target the next upside level near $630. Support sits near $555, and bearish EMA crossovers remain in place, meaning the broader trend is still considered downwards.

Analysts caution that a decisive close above $600 is needed for a bullish continuation, while a break below $555 could trigger a retest of lower lows around $537.