BNB price is consolidating above the $675 support zone. The price is consolidating and may target a fresh rise above the $700 resistance.
- BNB price is struggling to settle above the $700 pivot zone.
- The price is now trading below $700 and the 100-hour simple moving average.
- There was a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair should hold above the $680 level to initiate another rally in the near term.
BNB maintains price support
After a downside correction, BNB price found support at $675. is compensating for such losses ethereum And Bitcoin. There was a move above the $685 level.
Price was able to recover above the 23.6% Fib retracement level of the move down from the $745 swing high to the $674 low. There was also a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair.
The price is now trading below $700 and the 100-hour simple moving average. If there is a fresh rise, the price may face resistance near the $700 level. Next resistance sits near the $710 level or the 50% Fib retracement level of the downside move from the $745 swing high to the $674 low.
A clear move above the $710 zone could send the price higher. In the mentioned case, BNB price could test $725. A close above the $725 resistance could set the pace for a big 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 initiate another decline. Initial support on the downside is near the $685 level. The next major support is near the $675 level.
Key support sits at $650. If there is a downside break below the $650 support, the price may decline towards the $642 support. Any further losses could trigger a major 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.
