BNB Steadies Above Support: Will Bullish Momentum Return?
BNB price is consolidating above the $620 support area. The price is consolidating and may target a break above the $675 resistance.
- BNB price is struggling to stabilize above the $700 pivot area.
- The price is currently below $680 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair (Data source from Binance).
- The pair must hold above $640 to start another rise in the near term.
BNB price remains supportive
After a downward correction, BNB price found support at $620. Losses are now being recovered e.g. Ethereum and Bitcoin. The price broke above $675 before bears emerged at $695.
It fell below the $680 and $675 levels. The price fell below the 50% Fib retracement level of the recovery wave from a swing low of $619 to a high of $693. There is also a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The price is currently below $675 and the 100 hourly simple moving average. However, bulls are now active around the 76.4% Fib retracement level of the recovery wave from the $619 swing low to $693 high.
If there is a fresh increase, the price may face resistance near the $675 level and the trend line. The next resistance is near $692. A clear break above the $692 area could push the price higher. In the above scenario, BNB price may test $705.
A close above the $705 resistance could set the stage for a further move towards the $720 resistance. Any further gains may require a test of the $735 level in the near term.
Another drop?
If BNB fails to break above the $675 resistance, another decline could begin. Initial support on the downside is near $640. The next major support is near $625.
The main support level is $620. If the $620 support is broken downwards, the price may drop towards the $612 support. Any further losses could trigger a deeper drop towards the $600 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 – $640 and $620.
Major resistance levels – $675 and $692.
