BNB price is consolidating above the $620 support area. The price is consolidating and may break the $675 resistance level 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.
A key bearish trend line has formed on the hourly chart for BNB/USD, with resistance at $675 (data from Binance).
The currency pair must stay above $640 to begin 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 the bears appeared at $695, the BNB price had broken the $675 level.
The price has fallen below the levels of $680 and $675. It has broken 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 has also formed 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 rise occurs, the price may face resistance near $675 and the trend line. The next resistance level is around $692. If the price clearly breaks above the $692 area, it could push the price higher. In that case, the BNB price might test $705.
A close above the resistance level of $705 could pave the way for further upward movement towards the resistance at $720. If it continues to rise, it may test the $735 level in the short term.
Another drop?
If BNB fails to break the resistance at $675, it may drop again. The initial support level on the downside is around $640. The next major support level is around $625.
The main support level is at $620. If the price falls below the $620 support level, it may drop towards the $612 support level. If it drops further, it could 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.