BNB price is consolidating above the $620 support zone. The price is consolidating and could aim for further upside above the $675 resistance.
- BNB price is struggling to settle above the $700 pivot zone.
- The price is now trading below $680 and the 100 hourly simple moving average.
- A key downtrend line forms with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must remain above the $640 level to begin further upside in the near term.
BNB price maintains support
After a downward correction, BNB price found support at $620. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $675 level before declines appeared 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 $619 low to $693 high. There is also a key downtrend line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The price is now trading below $675 and the 100 hourly simple moving average. However, the bulls are now active near the 76.4% Fibonacci retracement level of the recovery wave from the $619 low to $693 high.
If there is a further rise, the price could face resistance near the $675 level and the trendline. The next resistance lies near the $692 level. A sharp move above the $692 area could send the price higher. In the stated case, the BNB price could reach $705.
A close above the $705 resistance could set the tone for a larger move towards the $720 resistance. Any further gains may require a test of the $735 level in the near term.
Another dip?
If BNB fails to break through the $675 resistance, it could begin a further decline. Initial downside support is near the $640 level. The next major support is near the $625 level.
The main support lies at $620. If there is a downside break below the $620 support, the price could drop to the $612 support. Any further losses could initiate a larger decline towards the $600 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing momentum 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.
Major resistance levels – $675 and $692.
