BNB price struggled to break above the $665 resistance area. The price is consolidating and may aim for a new increase above the $635 level.
- BNB price has started a downward correction from the $665 resistance area.
- The price is now trading below the $640 level and the 100 hourly simple moving average.
- There is a solid uptrend line forming with support at $620 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above $600 to start another near-term rally.
BNB price maintains support
After closing above the $620 level, BNB price continued to rise. However, rallies were limited above $660 and the price remained capped, unlike Ethereum and Bitcoin.
There was a move below the $632 and $620 levels. However, the price is now maintaining its gains above the $600 level. A bottom was formed at $616 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $661 swing high to the $616 low.
The price is now trading below the $620 level and the 100 hourly simple moving average. There is also a connected uptrend line forming with support at $620 on the hourly chart of the BNB/USD pair.
If there is a new increase, the price may face resistance near the $626 level. The next resistance is near the $638 level or the 50% Fib retracement level of the downward move from the $661 swing high to the $616 low. A clear move above the $638 area could send the price higher.
In the mentioned case, BNB price could test the $650 level. A close above the $650 resistance could set the tone for a larger move towards the $665 resistance. Any further gains may require a test of the $680 level in the near term.
More losses?
If BNB fails to break above the $638 resistance level, it could start another decline. Initial support on the downside is near the $620 level and the trend line. The next major support is near the $615 level.
The main support is at $600. If there is a downside breakout below the $600 support level, the price could fall towards the $585 support level. Any further losses could lead to a bigger decline towards the $565 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing strength in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key Support Levels – $620 and $615.
Key resistance levels – $638 and $650.
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