BNB Price Eyes Another Leap: Is a Fresh Surge Incoming?
BNB price is consolidating near the $725 area. The price is showing positive signs and may break the $740 resistance.
- BNB price started a downward correction from the $800 resistance zone.
- The price is currently above $700 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair (Data source from Binance).
- The pair must hold above $715 to start another rise in the near term.
BNB price remains supportive
After closing above the $700 level, BNB price continues to rise, e.g. Ethereum and Bitcoin. The bulls were able to push the price above the $720 and $750 resistance levels.
Finally, the price tested the $800 area. A high of $794 was formed before a downside correction occurred. The price fell below the $750 and $740 levels. However, the price currently remains above $700. A low was formed at $688, and the price is currently consolidating above the 23.6% Fib retracement of the downtrend from the $795 swing high to $688 low.
The price is currently above $700 and the 100 hourly simple moving average. If there is a fresh increase, the price may face resistance near $725. There is also a key bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair.
The next resistance is near $740. It is close to the 50% Fib retracement level of the downward move from the $795 swing high to $688 low. A clear break above the $740 area could push the price higher.
In the above scenario, BNB price may test $750. A close above the $750 resistance could set the stage for a further move towards the $785 resistance. Any further gains may require a test of the $800 level in the near term.
Another drop?
If BNB fails to break above the $725 resistance, another decline could begin. Initial support on the downside is near $715. The next major support is near $700.
The main support level is $685. If there is a downside break above the $685 support, the price may drop towards the $665 support. Any further losses could trigger a deeper drop towards the $650 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – $715 and $700.
Major resistance levels – $740 and $750.
