BNB price is consolidating above the support area of $620. The price is consolidating and may break through the resistance level of $675 and rise again.
BNB price is struggling to stabilize above the pivot area of $700.
The current price is below $680 and the 100-hour simple moving average.
On the hourly chart for BNB/USD, a key bearish trend line is forming, with resistance at $675 (data sourced from Binance).
The currency pair must stay above $640 to start rising again in the short term.
BNB price finds support
After a downward correction, the BNB price found support at $620. It is now recovering losses like Ethereum and Bitcoin. Before bears appeared at $695, the BNB price had broken above the level of $675.
The price has dropped below the levels of $680 and $675. The price broke below the 50% Fibonacci retracement level of the recovery wave from the swing low of $619 to the high of $693. A key bearish trend line is also forming on the hourly chart for BNB/USD, with resistance at $675.
The current price is below $675 and the 100-hour simple moving average. However, bulls are currently active near the 76.4% Fibonacci retracement level of the recovery wave from the swing low of $619 to the high of $693.
If a new rally occurs, the price may face resistance near $675 and the trend line. The next resistance level is around $692. If the price clearly breaks through the $692 area, it could push the price higher. In this case, the BNB price may test $705.
A closing price above the $705 resistance level could lay the groundwork for further upward movement to the $720 resistance level. If it continues to rise, it may test the $735 level in the short term.
Another drop?
If BNB fails to break through the resistance level of $675, it may drop again. The initial support level on the downside is around $640. The next major support level is around $625.
Major support level is at $620. If the support level of $620 is broken, the price may drop towards the support level of $612. If it falls further, it may trigger a larger decline towards the $600 level.
Technical indicators
Hourly MACD - The MACD for BNB/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BNB/USD is currently above the 50 level.
Major support levels - $640 and $620.
Major resistance levels - $675 and $692.