BNB price is consolidating above the USD 620 support zone. The price is consolidating and could aim for a fresh rise above the USD 675 resistance.
- The BNB price is struggling to break above the USD 700 pivot zone.
- The price is now trading below $680 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $675 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $640 level for renewed gains in the near term.
BNB price holds support
After a downward correction, BNB price found support at $620. It is now recovering losses like Ethereum and Bitcoin. There was a move above the USD 675 level before the bears emerged at USD 695.
There was a move below the USD 680 and USD 675 levels. The price fell below the 50% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. There is also a major bearish trendline forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The price is now trading below $675 and the 100-hour moving average. However, the bulls are now active near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high.
If a new increase occurs, the price may encounter resistance near the $675 level and the trendline. The next resistance is near the $692 level. A clear move above the $692 zone could send the price higher. In the said case, BNB price could test $705.
A close above the USD 705 resistance could set the pace for a bigger move towards the USD 720 resistance. Further gains could require a test of the $735 level in the near term.
Another dive?
If BNB fails to clear the USD 675 resistance, it could trigger another decline. The initial downside support is near the USD 640 level. The next major support is near the $625 level.
The main support is at $620. If there is a downside break below the USD 620 support, the price could fall towards the USD 612 support. Any further losses could trigger a bigger decline towards the $600 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – USD 640 and USD 620.
Major resistance levels – $675 and $692.
