BNB price is consolidating around $640. The price holds the support level of $625 and may break the resistance level of $660.
BNB price starts a downward correction from the resistance area of $685.
Current price is below $650 and the 100-hour simple moving average.
On the hourly chart for BNB/USD, a key descending channel has formed, with resistance at $660 (data source: Binance).
The currency pair must stay above $625 to start rising again in the short term.
BNB price finds support
After closing above $640, BNB price continues to rise. However, unlike Ethereum and Bitcoin, there is limited room for BNB price to rise above $685, and the price remains constrained.
Price has broken below the levels of $666 and $650. However, the current price remains above $625. The low is at $626, and the current price is consolidating above the 23.6% Fibonacci retracement level from the high of $676 to the low of $626.
Current price is below $650 and the 100-hour simple moving average. If a new rise occurs, the price may face resistance around $650. It is close to the 50% Fibonacci retracement level of the downward move from the high of $676 to the low of $626.
The next resistance level is around $660. A key descending channel has also formed on the hourly chart for BNB/USD, with resistance at $660. If the price breaks clearly above the $660 area, it may push the price higher.
In the above scenario, BNB price may test $676. A close above the $676 resistance level may lay the groundwork for further advances towards the $685 resistance level. If it continues to rise, it may need to test the $700 level in the short term.
More losses?
If BNB fails to break the resistance at $660, it may fall again. The initial support level on the downside is around $632. The next major support level is around $625.
Major support level is at $615. If the support at $615 is broken, the price may drop towards the $600 support level. Further declines could trigger a larger drop towards $588.
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 below the 50 level.
Major support levels - $632 and $625.
Major resistance levels - $650 and $660.