BNB Price Poised for Gains: Bulls Push for New Highs
BNB price is consolidating above the $700 support area. The price is consolidating and may target another break above the $720 resistance.
- BNB price is struggling to break above the $720 resistance level.
- The price is currently above $700 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair (Data source from Binance).
- The pair must remain above $700 to start another rise in the near term.
BNB price target higher
After a downward correction, BNB price found support at $690. Losses are now being recovered e.g. Ethereum and Bitcoin. The price rose above $700.
The bulls were able to push the price above the $712 resistance. However, bears are active near the $720 area. A high was formed at $717, and the price is now consolidating gains above the 23.6% Fib retracement of the upward move from the $689 swing low to $717 high.
The price is currently above $700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price may face resistance near $718. The next resistance is near $720. A clear break above the $720 area could push the price higher. In the above scenario, BNB price may test $732. A close above the $732 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 $720 resistance, another decline could begin. Initial support on the downside is near the $708 level and the trend line. The next major support is near $703.
Major support is located at $700, the 61.8% Fibonacci retracement level of the upward move from the $689 swing low to $717 high. If there is a break below the $700 support, the price may drop towards the $692 support. Any further losses could trigger a deeper decline towards the $685 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – $708 and $700.
Major resistance levels – $720 and $732.
