BNB price is consolidating above the $605 support zone. The price is now showing positive signs and might aim for more gains in the near term.
- BNB price is attempting to recover from the $600 support zone.
- The price is now trading above $612 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support near $622 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $612 level to start another increase in the near term.
BNB Price Eyes More Gains
After forming a base above the $600 level, BNB price started a fresh increase. There was a move above the $605 and $612 resistance levels, mirroring trends seen in major cryptocurrency assets such as Ethereum and Bitcoin.
The bullish momentum propelled the price above the $625 level, forming a high at $629. Currently, the price is consolidating gains above the 23.6% Fib retracement level of the recent wave from the $597 swing low to the $629 high, suggesting healthy market activity.
Currently, the price is trading above $622 and the 100-hourly simple moving average. A crucial bullish trend line is forming with support near $622 on the hourly chart of the BNB/USD pair, indicating a potential rally if the current support holds.
Looking ahead, the price may encounter resistance near the $628 level, with the next significant resistance at $630. A clear breakout above the $630 threshold could lead to further gains, potentially challenging the $642 level first. Should momentum continue, BNB could test the $650 resistance before facing any significant pullbacks.
Another Decline?
Conversely, should BNB fail to overcome the $630 resistance, a corrective decline could ensue. Initial support on the downside is identified near the $622 level, followed closely by a major support at $620.
The critical support zone remains at $612, which aligns with the 50% Fib retracement level of the recent movement from the $597 swing low to the $629 high. A breach below the $612 support could trigger a decline towards the $605 level, with further losses risking a deeper retracement to the $600 mark.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is showing increasing strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently positioned above the 50 level, indicating bullish momentum.
Major Support Levels – $622 and $612.
Major Resistance Levels – $630 and $642.
