BNB price is consolidating above the $700 support area. The price is consolidating and could target a fresh rally above the $720 resistance.
- BNB price is struggling to break the $720 resistance zone.
- The price is currently trading above $700 and the 100-hour simple moving average.
- On the hourly chart of the BNB/USD pair, there is a major bullish trendline with support at $708 (data source from Binance).
- The pair needs to remain above the $700 level to initiate another increase in the near future.
BNB price aims higher
After a downward correction, BNB price found support at $690. Currently, it is recovering from losses such as Ethereum and Bitcoin. There was a move above the $700 level.
The bulls could push the price above the $712 resistance level. However, the bears are active near $720. A high was formed at $717 and the price is currently consolidating gains above the 23.6% Fib retracement level rising from the $689 swing low to the $717 high.
The price is currently trading above $700 and the 100-hour simple moving average. On the hourly chart of the BNB/USD pair, there is also a major bullish trend line forming with support at $708.
If there is a fresh price hike, the price may face resistance near the $718 level. The next resistance is near the $720 level. The price could go higher if it definitely breaks through the $720 area. As noted, the BNB price could test $732. A close above the $732 resistance could set the pace for a larger move towards the $740 resistance. More gains may require a test of the $750 level in the near term.
Another dip?
If BNB fails to clear the $720 resistance, it could begin another downtrend. Initial support for the downside is near the $708 level and trend line. The next major support is near the $703 level.
Key support lies at the 61.8% Fib retracement level at $700 or the rise from the $689 swing low to the $717 high. A downward breakout below the $700 support could push the price towards the $692 support. Any more losses could trigger a deeper decline towards the $685 level.
technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $708 and $700.
Key resistance levels – $720 and $732.