The price of BNB is getting higher than the $700 zone. The price is showing positive signs and may aim to move above the $735 resistance.
- The price of BNB started a new rise from the $650 support area.
- The price is now trading above $700 and the 100-hourly simple moving average.
- There was a break above the main bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair needs to stay above the $700 level to initiate another uptrend in the short term.
BNB price starts a new rise
After closing above the $675 level, the price of BNB started a new rise, as Ethereum and Bitcoin. The bulls could pump the price above the $680 and $700 resistance levels.
There was a break above the main bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair crossed the 50% Fib level of the downtrend from the high of $761 to the low of $650.
The price is now trading above $700 and the 100-hourly simple moving average. If there is a new rise, the price could face near the $720 level. It is near the 61.8% Fib level of the move down from the $761 swing high to the $650 low.
The next resistance is near the $735 level. A clear move above the $735 zone could send the price higher. In the mentioned case, the price of BNB could be determined at $750. A close above the $750 resistance could set the pace for a bigger move towards the $762 resistance. Any further gains could call for a test of the $800 level in the near term.
Another dip?
If BNB fails to clear the $735 resistance, it could start another decline. Initial support on the downside is near the $705 level. The next major support is near the $700 level.
The main support is at $675. If there is a breakdown below the $675 support, the price could fall towards the $662 support. Any further losses could initiate a further decline towards the $650 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Support Levels – $705 and $700.
Key Resistance Levels – $735 and $750.
