The BNB price has faced challenges in overcoming the $665 resistance area. As the price stabilizes, there is potential for a renewed push above the $635 mark. In this article, we delve into the recent trends and potential future movements for BNB.
Key Points
- BNB’s price initiated a downward correction after reaching the $665 resistance zone.
- Currently, the price is positioned below $640 and the 100-hourly simple moving average.
- A bullish trend line is emerging, providing support at $620 on the hourly BNB/USD chart (data sourced from Binance).
- Maintaining a position above the $600 level is crucial for BNB to embark on another upward trend soon.
BNB Price Holds Steady Support
Following a successful breach of the $620 level, the BNB price witnessed an uptick. Despite this, the ascent was restricted beyond the $660 mark, unlike the broader upward trends observed in Ethereum and Bitcoin. The price experienced a decline below $632 and $620, yet it remains resilient above the $600 threshold. A low was established at $616, and the price is now consolidating near the 23.6% Fibonacci retracement level of the downward trajectory from the $661 peak to the $616 trough.
Currently trading below $620 and the 100-hourly simple moving average, the BNB price is supported by a bullish trend line at $620 on the hourly BNB/USD chart. Should a new upward movement occur, resistance is likely around the $626 level. Further resistance can be anticipated near $638 or the 50% Fibonacci retracement level from the $661 high to the $616 low. A decisive move beyond the $638 zone could propel the price higher.
If this scenario unfolds, the BNB price might test the $650 level. Achieving a close above the $650 resistance could set the stage for a substantial rise toward the $665 resistance. Continued gains might pave the way for a test of the $680 level shortly.
Potential for More Losses?
Should BNB struggle to surpass the $638 resistance, another downward trend could emerge. Initial support is positioned near the $620 level and the trend line. The subsequent major support is located near the $615 level. The primary support is firmly established at $600. A downward breach below the $600 support could lead to a decline toward the $585 support, with further losses potentially triggering a deeper descent toward the $565 level.
Technical Indicators
- Hourly MACD: The MACD for BNB/USD is losing momentum in the bullish territory.
- Hourly RSI (Relative Strength Index): The RSI for BNB/USD is currently below the 50 mark.
- Major Support Levels: $620 and $615.
- Major Resistance Levels: $638 and $650.
In conclusion, the BNB price is at a pivotal point, with potential for both upward and downward movements. Investors should keep a close watch on the $638 resistance and $600 support levels for clearer directional cues. As market conditions evolve, BNB’s price action will likely reflect broader market trends and investor sentiment.
