BNB price is above the $620 support zone. The price is consolidating and may look for a new rally above the $675 resistance.
- BNB price is trying to break above the pivotal zone of $700.
- The price is now trading below $680 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair should hold above the $640 level to initiate another rally in the near term.
BNB Price supports
After a bearish correction, BNB price found support at $620. Now recovering losses like Ethereum and Bitcoin. There was a move above the $675 level before the bears appeared at $695.
There was a move below the $680 and $675 levels. The price dropped below the 50% Fib retracement wave level from $619 to above $693. A key bearish trend line is also 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, bulls are now active near the 76.4% Fib retracement level of the recovery wave from the swing low of $619 to the high of $693.
If there is a new rally, the price could face resistance near the $675 level and the trend line. The next resistance is near the $692 level. A clear move above the $692 area could push the price higher. In the mentioned case, the price of BNB could test $705.
A close above the $705 resistance may trigger a bigger move towards the $720 resistance. Any further gains may need to test the $735 level in the near term.
Another slope?
If BNB fails to clear the $675 resistance, it may initiate another decline. Initial support on the downside is near the $640 level. The next major support is near the $625 level.
The main support is $620. If there is a downside below the $620 support, the price could decline towards the $612 support. Any further losses could trigger further declines towards the $600 level.
Technical indicators
Hourly MACD – 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.
Key resistance levels – $675 and $692.
