BNB price is gaining momentum above the $700 zone. The price is showing positive signs and may aim to move above the $735 resistance.
- BNB price started a recent rally from the $650 support zone.
- The price is now trading above $700 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair should hold above the $700 level to initiate another rally in the near term.
BNB price starts the latest increase
After closing above the $675 level, BNB price started a recent rally, viz ethereum And Bitcoin. Bulls were able to pump the price above the $680 and $700 resistance levels.
There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair crossed the 50% Fib retracement level on the way down from the swing 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 fresh rally, the price may face resistance near the $720 level. It is near the 61.8% Fib retracement level of the downside move from the $761 swing high to the $650 low.
The next resistance sits near the $735 level. A clear move above the $735 zone could send the price higher. In the mentioned case, BNB price may test $750. A close above the $750 resistance could set the pace for a big 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 initiate another decline. Initial support on the downside is near the $705 level. The next major support is near the $700 level.
Key support sits at $675. If there is a downside break below the $675 support, the price may decline towards the $662 support. Any further losses could trigger a major decline towards the $650 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is gaining momentum 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.
