BNB price is consolidating above the $675 support zone. The price is consolidating and might aim for a fresh increase above the $700 resistance.
- BNB price is struggling to settle above the $700 pivot zone.
- The price is now trading below $700 and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $680 level to start another increase in the near term.
BNB Price Holds Support
After a downside correction, BNB price found support at $675. It is now recovering losses, similar to trends observed in Ethereum and Bitcoin. Following the recovery, there was a movement above the $685 level.
The price managed to recover above the 23.6% Fibonacci retracement level of the downward move from the $745 swing high to the $674 low. This revision included a break above a connecting bearish trend line, previously at $695 on the hourly chart of the BNB/USD pair.
Currently, the price is trading below $700 and the 100-hourly simple moving average. Should there be a fresh increase, resistance is anticipated near the $700 level. The next significant resistance is positioned at the $710 level or the 50% Fibonacci retracement level from the $745 high to the $674 low.
A definitive move above the $710 zone could potentially propel the price higher. In that scenario, BNB could see a test at the $725 mark. A sustained close above the $725 resistance could set the pathway for a larger upside maneuver towards the $740 resistance. Continued gains may prompt a test of the $750 level in the near term.
Another Dip?
However, if BNB fails to surmount the $710 resistance, the possibility of starting another decline cannot be overlooked. Immediate support is identified near the $685 level, while the next major support is at the $675 level.
The crucial support sits at $650, and should there be a break below this level, the price may drop towards the $642 support. Further losses could signal a larger decline towards the $625 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 threshold.
Major Support Levels – $685 and $675.
Major Resistance Levels – $700 and $710.
