BNB price is consolidating above the $620 support area. The price is consolidating and may aim for a new high above the $675 resistance level.
- BNB price is struggling to settle above the $700 pivot area.
- The price is now trading below the $680 level and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above $640 to start another near-term rally.
BNB price maintains support
After the downward correction, BNB price found support at $620. It is now recovering its losses like Ethereum and Bitcoin. There was a move above the $675 level before the bears showed up at $695.
There was a move below the $680 and $675 levels. The price fell below the 50% Fib retracement level of the recovery wave from the swing low at $619 to the swing high at $693. There is also a major bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The price is now trading below the $675 level and the 100 hourly simple moving average. However, the bulls are now active near the 76.4% Fib retracement level of the recovery wave from the swing low at $619 to the swing high at $693.
If there is a new increase, the price may face resistance near the $675 level and the trend line. The next resistance is near the $692 level. A clear move above the $692 area could send the price higher. In the mentioned case, BNB price could test the $705 level.
A close above the $705 resistance could set the pace for a larger move towards the $720 resistance. Any further gains may require a test of the $735 level in the near term.
Another retreat?
If BNB fails to break above the $675 resistance level, it could start another decline. Initial support on the downside is near the $640 level. The next major support is near the $625 level.
Major support is at $620. If a downside breakout occurs below the $620 support level, the price could fall towards the $612 support level. Any further losses could lead to a bigger decline towards the $600 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Support Levels – $640 and $620.
Key resistance levels – $675 and $692.