The BNB price is consolidating near the $725 zone. The price is showing positive signs and could aim for a move above the USD 740 resistance.
- BNB price started a downward correction from the USD 800 resistance zone.
- The price is now trading above $700 and the 100-hour moving average.
- A major bearish trendline is forming with resistance at $725 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $715 level to rise again in the near term.
BNB price holds support
After closing above the $700 level, BNB price extended its rise, just like Ethereum and Bitcoin. The bulls were able to pump the price above the USD 720 and USD 750 resistance levels.
Finally, the price tested the $800 zone. It peaked at $794 before a downward correction occurred. There was a move below the USD 750 and USD 740 levels. However, the price is now holding gains above the USD 700 level. A low was formed at $688 and the price is now consolidating above the 23.6% Fib retracement level of the downward move from the swing high of $795 to the low of $688.
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 $725 level. There is also a major bearish trendline forming with resistance at $725 on the hourly chart of the BNB/USD pair.
The next resistance is near the $740 level. It is close to the 50% Fib retracement level of the downward move from the $795 swing high to the $688 low. A clear move above the $740 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 785 resistance. Further gains could require a test of the $800 level in the near term.
Another dive?
If BNB fails to clear the USD 725 resistance, it could trigger another decline. The initial downside support is near the USD 715 level. The next major support is near the $700 level.
The main support is at $685. If there is a downside break below the USD 685 support, the price could fall towards the USD 665 support. Any further losses could trigger a bigger decline towards the $650 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 715 and USD 700.
Major resistance levels – $740 and $750.
