The BNB price is currently consolidating above a crucial support zone at $675. This consolidation phase may pave the way for a fresh upward move beyond the $700 resistance level.
Key Insights
- BNB’s price is encountering challenges in establishing itself above the pivotal $700 zone.
- The cryptocurrency is trading below the $700 mark and the 100-hourly simple moving average.
- There was a notable break above a connecting bearish trend line, with resistance near $695 on the hourly chart of the BNB/USD pair, using data from Binance.
- Maintaining a position above the $680 level is crucial for BNB to initiate another upward trend in the near term.
BNB Price Holds Support
Following a corrective move to the downside, BNB’s price found significant support at $675. This level has been instrumental in helping BNB recuperate some of its losses, aligning with similar recoveries seen in major cryptocurrencies like Ethereum and Bitcoin. There has been a positive movement above the $685 threshold.
The recovery was strong enough to push the price above the 23.6% Fibonacci retracement level, calculated from the downward movement between the $745 swing high and the $674 low. Additionally, the price action included a break above a bearish trend line with resistance around $695 on the hourly chart of the BNB/USD pair.
Currently, BNB is trading below $700 and remains under the 100-hourly simple moving average. Should there be a new wave of buying, the price could encounter resistance around the $700 mark. The subsequent resistance is anticipated near the $710 level, which corresponds with the 50% Fibonacci retracement level of the downturn from the $745 high to the $674 low.
If BNB successfully moves above the $710 resistance zone, it could trigger a more substantial rally. In this scenario, the price might test the $725 level. A decisive close above the $725 resistance could potentially set the stage for a broader upward movement toward the $740 resistance. Further gains could even see the price testing the $750 level shortly.
Potential for Another Dip?
In the event that BNB fails to surpass the $710 resistance, a downward move might ensue. Initial support on this path is located around the $685 mark. The next significant support level is positioned near $675.
The primary support is found at $650. Should BNB experience a downside break below this level, it could lead to a decline toward the $642 support. Continued losses from there might trigger an even steeper fall, potentially reaching the $625 level.
Technical Indicators
- Hourly MACD: The MACD for BNB/USD is showing signs of losing momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BNB/USD is currently positioned above the 50 level, indicating a neutral to bullish sentiment.
- Major Support Levels: $685 and $675.
- Major Resistance Levels: $700 and $710.
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