BNB price is consolidating above the USD 675 support zone. The price is consolidating and could aim for a fresh rise above the USD 700 resistance.
- The BNB price is struggling to break above the USD 700 pivot zone.
- The price is now trading below $700 and the 100-hour moving average.
- There was a break above a connecting bearish trendline with resistance at $695 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $680 level for renewed gains in the near term.
BNB price holds support
After a downward correction, BNB price found support at $675. It is now recovering losses like Ethereum and Bitcoin. There was a move above the USD 685 level.
The price was able to recover above the 23.6% Fib retracement level of the downward move from the $745 swing high to the $674 low. There was also a break above a connecting bearish trendline with resistance at $695 on the hourly chart of the BNB/USD pair.
The price is now trading below $700 and the 100-hour moving average. If a new increase occurs, the price may encounter resistance near the $700 level. The next resistance is near the $710 level or the 50% Fib retracement level of the downward move from the $745 swing high to the $674 low.
A clear move above the $710 zone could send the price higher. In the said case, BNB price could test $725. A close above the USD 725 resistance could set the pace for a bigger move towards the USD 740 resistance. Further gains could require a test of the $750 level in the near term.
Another dive?
If BNB fails to clear the USD 710 resistance, it could trigger another decline. The initial downside support is near the USD 685 level. The next major support is near the $675 level.
The main support is at $650. If there is a downside break below the USD 650 support, the price could fall towards the USD 642 support. Any further losses could trigger a bigger decline towards the $625 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 685 and USD 675.
Major resistance levels – $700 and $710.
