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Home»Analysis»BNB Bulls Eye $750: Momentum is building for a new wave
Analysis

BNB Bulls Eye $750: Momentum is building for a new wave

2024-12-12No Comments3 Mins Read
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The BNB price is gaining rapidly above the $700 zone. The price is showing positive signs and could aim for a move above the USD 735 resistance.

  • BNB price started a new increase from the USD 650 support zone.
  • The price is now trading above $700 and the 100-hour moving average.
  • There was a break above a key bearish trendline with resistance at $705 on the hourly chart of the BNB/USD pair (Binance data source).
  • The pair needs to remain above the $700 level to rise again in the near term.

BNB price starts new increase

After closing above the $675 level, BNB price started a new increase, just like Ethereum and Bitcoin. The bulls were able to pump the price above the USD 680 and USD 700 resistance levels.

There was a break above a key bearish trendline with resistance at $705 on the hourly chart of the BNB/USD pair. The pair surpassed the 50% Fib retracement level on the downside move from the $761 swing high to the $650 low.

The price is now trading above $700 and the 100-hour moving average. If a new increase occurs, the price may encounter resistance near the $720 level. It is close to the 61.8% Fib retracement level of the downward move from the $761 swing high to the $650 low.

BNB price

The next resistance is near the $735 level. A clear move above the $735 zone could send the price higher. In the said case, BNB price could test $750. A close above the USD 750 resistance could set the pace for a bigger move towards the USD 762 resistance. Further gains could require a test of the $800 level in the near term.

See also  This indicator will soon be able to signal the end of the bull's cycle for Bitcoin based on history, says Benjamin Cowen

Another dive?

If BNB fails to clear the USD 735 resistance, it could trigger another decline. The initial downside support is near the $705 level. The next major support is near the $700 level.

The main support is at $675. If there is a downside break below the USD 675 support, the price could fall towards the USD 662 support. Any further losses could trigger a bigger decline towards the $650 level.

Technical indicators

Hourly MACD – The MACD for BNB/USD is gaining speed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major support levels – USD 705 and USD 700.

Major resistance levels – $735 and $750.

Source link

BNB Building Bulls Eye Momentum Wave
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