BNB price is consolidating above the $620 support area. The price is consolidating and could target a fresh rally above the $675 resistance.
- BNB price is struggling to settle above the $700 pivot zone.
- The price is currently trading below $680 and the 100-hour simple moving average.
- The hourly chart of the BNB/USD pair shows a major bearish trendline with resistance at $675 (data source from Binance).
- The pair needs to remain above the $640 level to initiate another rally in the near future.
BNB price maintains support
After a downward correction, BNB price found support at $620. Currently, it is recovering from losses such as Ethereum and Bitcoin. There was a move above the $675 level before a bear market emerged at $695.
There was movement below the $680 and $675 levels. Prices fell below the 50% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. On the hourly chart of the BNB/USD pair, there is also a major bearish trendline forming resistance at $675.
The price is currently trading below $675 and the 100-hour simple moving average. However, the bulls are now active near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high.
If there is a fresh advance, the price may face resistance near the $675 level and the trend line. The next resistance is near the $692 level. Clearly beyond the $692 area, the price could go higher. As stated, the BNB price could test $705.
A close above the $705 resistance could set the pace for a larger move towards the $720 resistance. More gains may require a test of the $735 level in the near term.
Another dip?
If BNB fails to clear the $675 resistance, it could begin another downtrend. Initial support for the downside is near the $640 level. The next major support is near the $625 level.
The main support level is $620. A downward breakout below the $620 support may push the price towards the $612 support. Any more losses could trigger a further decline towards the $600 level.
technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $640 and $620.
Key resistance levels – $675 and $692.