Current BNB Price Momentum
The BNB price is experiencing a robust upward trend, solidifying its position above the critical $700 mark. The cryptocurrency is exhibiting strong bullish signals, and there is potential for it to break through the $735 resistance level.
- BNB has initiated a fresh upward trajectory, recovering from the $650 support area.
- The price is now holding steady above $700, surpassing the 100-hourly simple moving average.
- A significant breakthrough occurred, crossing above a bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair, sourced from Binance data.
- Maintaining a position above the $700 level is crucial for BNB to sustain its upward momentum in the short term.
BNB Price Starts Fresh Increase
Following a decisive close above the $675 threshold, BNB embarked on a new upward journey, paralleling the movements of Ethereum and Bitcoin. The bullish forces successfully drove the price past the $680 and $700 resistance levels.
A pivotal moment was achieved as the price broke a bearish trend line with resistance pegged at $705 on the hourly BNB/USD chart. This breakthrough led the pair to surpass the 50% Fibonacci retracement level, marking the recovery from the decline between the $761 swing high and the $650 low.
Currently, BNB is trading above the $700 benchmark and the 100-hourly simple moving average. A renewed upward push could encounter resistance around the $720 zone, which aligns with the 61.8% Fibonacci retracement level of the previous downward move.
Further resistance is anticipated at the $735 level. A definitive surge beyond the $735 resistance could propel BNB higher, potentially testing the $750 mark. Should the price close above this $750 resistance, it may pave the way for a more significant rally towards the $762 resistance, with the possibility of reaching the $800 level in the near future.
Potential for Another Dip?
In the event that BNB fails to overcome the $735 resistance, a downward correction might ensue. Initial support can be found near the $705 level, with the subsequent major support level located around $700.
The primary support lies at $675. A breach below this key support could see the price tumbling towards the $662 support. Additional losses may trigger a more pronounced decline, potentially bringing BNB down to the $650 level.
Technical Indicators
- Hourly MACD: The MACD for BNB/USD is accelerating its pace within the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BNB/USD is currently positioned above the 50 level, indicating bullish momentum.
In summary, while BNB is showing promising signs of growth, the cryptocurrency must navigate several key resistance and support levels to maintain its upward trajectory. Traders should keep a close eye on these levels to make informed decisions.
