BNB Price Rebound Possible: Can It Climb Back to $720?
BNB price is consolidating above the $675 support area. The price is consolidating and may target another break above the $700 resistance.
- BNB price is struggling to stabilize above the $700 pivot area.
- The price is currently below $700 and the 100 hourly simple moving average.
- There was a break above the connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair (Data Source: Binance).
- The pair must hold above $680 to start another rise in the near term.
BNB price remains supportive
After a downward correction, BNB price found support at $675. Losses are now being recovered e.g. Ethereum and Bitcoin. The price rose above $685.
The price was able to recover above the 23.6% Fib retracement level of the downward move from the $745 swing high to $674 low. There was also a break above the connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair.
The price is currently below $700 and the 100 hourly simple moving average. If there is a fresh increase, the price may face resistance near $700. Next resistance is near $710, the 50% Fibonacci retracement level of the downside move from the $745 high to $674 low.
A clear break above the $710 area could push the price higher. In the above scenario, BNB price may test $725. A close above the $725 resistance could set the stage for a further move towards the $740 resistance. Any further gains may require a test of the $750 level in the near term.
Another drop?
If BNB fails to break the $710 resistance, another decline could begin. Initial support on the downside is near $685. The next major support is near $675.
The main support level is $650. If there is a downside break above the $650 support, the price may drop towards the $642 support. Any more losses could trigger a deeper decline towards the $625 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 – $685 and $675.
Major resistance levels – $700 and $710.
