BNB price is gaining pace above the $700 region. The price is showing positive signs and may aim to move above the $735 resistance level.
- BNB price started a new increase from the $650 support area.
- The price is now trading above $700 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above $700 to start another near-term rally.
BNB price starts a new increase
After closing above the $675 level, BNB price started to rise again, like Ethereum and Bitcoin. The bulls managed to pump the price above the $680 and $700 resistance levels.
There was a break above the major downtrend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair crossed the 50% Fibonacci retracement level of the downward move from the high of $761 to the low of $650.
The price is now trading above $700 and the 100 hourly simple moving average. If there is a new increase, the price may face resistance near the $720 level. It is close to the 61.8% Fibonacci retracement level of the downward move from the high of $761 to the low of $650.
The next resistance is near the $735 level. A clear move above the $735 area could send the price higher. In the mentioned case, BNB price could test the $750 level. A close above the $750 resistance could set the pace for a larger move towards the $762 resistance. Any further gains may require testing the $800 level in the near term.
Another retreat?
If BNB fails to break above the $735 resistance level, it could start another decline. Initial support on the downside is near the $705 level. The next major support is near the $700 level.
Major support is at $675. If a downside breakout occurs below the $675 support level, the price could fall towards the $662 support level. Any further losses could lead to a bigger drop towards the $650 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Support Levels – $705 and $700.
Key resistance levels – $735 and $750.
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