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 like Ethereum and Bitcoin. There was a move above the $685 level.
The price was able to recover above the 23.6% Fib retracement level of the downward move from the $745 swing high to the $674 low. There was also a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair.
The price is now trading below $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $700 level. The next resistance sits near the $710 level or the 50% Fib retracement level of the downward move from the $745 swing high to the $674 low.
A clear move above the $710 zone could send the price higher. In the stated case, BNB price could test $725. A close above the $725 resistance might set the pace for a larger move toward the $740 resistance. Any more gains might call for a test of the $750 level in the near term.
Another Dip?
If BNB fails to clear the $710 resistance, it could start another decline. Initial support on the downside is near the $685 level. The next major support is near the $675 level.
The main support sits at $650. If there is a downside break below the $650 support, the price could drop toward the $642 support. Any more losses could initiate a larger decline toward the $625 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $685 and $675.
Major Resistance Levels – $700 and $710.
This articles is written by : Fady Askharoun Samy Askharoun
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