BNB price struggled to break the USD 665 resistance zone. The price is consolidating and could aim for another rise above the USD 635 level.
- BNB price started a downside correction from the USD 665 resistance zone.
- The price is now trading below $640 and the 100-hourly moving average.
- A connecting bullish trendline is forming with support at $620 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $600 level to rise again in the near term.
BNB price holds support
After closing above the $620 level, BNB price extended its rise. However, the benefits were limited above $660 and the price remained limited, unlike Ethereum and Bitcoin.
There was a move below the USD 632 and USD 620 levels. However, the price is now holding gains above the USD 600 level. A low was formed at $616 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the swing high of $661 to the low of $616.
The price is now trading below $620 and the 100-hourly moving average. A connecting bullish trendline is also forming with support at $620 on the hourly chart of the BNB/USD pair.
If a new increase occurs, the price may encounter resistance near the $626 level. The next resistance is near the $638 level or the 50% Fib retracement level of the downward move from the $661 swing high to the $616 low. A clear move above the $638 zone could send the price higher.
In the said case, BNB price could test $650. A close above the USD 650 resistance could set the pace for a bigger move towards the USD 665 resistance. Further gains could require a test of the $680 level in the near term.
Lose more?
If BNB fails to clear the USD 638 resistance, it could trigger a fresh decline. The initial downside support is near the $620 level and the trendline. The next major support is near the $615 level.
The main support is at $600. If there is a downside break below the USD 600 support, the price could fall towards the USD 585 support. Any further losses could trigger a bigger decline towards the $565 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major support levels – USD 620 and USD 615.
Major resistance levels – $638 and $650.
