BNB price is consolidating above the $620 support zone. The price is consolidating and could aim for a new rise above the $675 resistance.
- BNB price is struggling to stabilize above the $700 pivot zone.
- The price is now trading below $680 and the 100-hourly simple moving average.
- A major bearish trend line is forming with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair needs to stay above the $640 level to initiate another uptrend in the near term.
The price of BNB is holding support
After a downside correction, BNB price found support at $620. He is now recovering losses like Ethereum and Bitcoin. There was a move above the $675 level before the bears emerged at $695.
There was a move below the $680 and $675 levels. The price broke below the 50% Fib level of the recovery wave from the $619 swing low to the $693 high. There is also a major bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The price is now trading below $675 and the 100-hourly simple moving average. However, the bulls are now active near the 76.4% Fib level of the recovery wave from the $619 swing low to $693 high.
If there is a new increase, the price could face near the $675 level and the trend line. The next resistance is near the $692 level. A clear move above the $692 zone could send the price higher. In the mentioned case, the price of BNB could be determined at $705.
A close above the $705 resistance could set the pace for a bigger move towards the $720 resistance. Any further gains could call for a test of the $735 level in the near term.
Another dip?
If BNB fails to clear the $675 resistance, it could start another decline. Initial support on the downside is near the $640 level. The next major support is near the $625 level.
The main support is at $620. If there is a breakdown below the $620 support, the price could fall towards the $612 support. Any further losses could initiate a further decline towards the $600 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 level.
Key Support Levels – $640 and $620.
Key Resistance Levels – $675 and $692.
