BNB price is consolidating above the $675 support zone. The price is consolidating and could aim for a new rise above the $700 resistance.
- BNB price is struggling to stabilize above the $700 pivot zone.
- The price is now trading below $700 and the 100-hourly simple moving average.
- There was a break above the connected bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair needs to stay above the $680 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 $675. He is now recovering losses like Ethereum and Bitcoin. The move crossed the $685 level.
The price was able to recover above the 23.6% Fib level of the move down from the $745 swing high to the $674 low. There was also a break above the associated bearish trendline 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 new rise, the price could face near the $700 level. The next resistance is near the $710 level or the 50% Fib level of the move down from the $745 high to the $674 level low
A clear move above the $710 zone could send the price higher. In the mentioned case, the price of BNB could be determined at $725. A close above the $725 resistance could set the pace for a bigger move towards the $740 resistance. Any further gains could 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 is at $650. If there is a breakdown below the $650 support, the price could fall towards the $642 support. Any further losses could initiate a further 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 level.
Key Support Levels – $685 and $675.
Key Resistance Levels – $700 and $710.
