BNB price is consolidating above the $620 support area. The price is consolidating and may break through 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.
On the hourly chart for BNB/USD, a key bearish trend line has formed, with resistance at $675 (data source: Binance).
The currency pair must stay above $640 to begin rising again in the short term.
BNB price finds support
After a downward correction, BNB price found support at $620. It is now recovering like Ethereum and Bitcoin. Before the bearish appeared at $695, BNB price had broken above the $675 level.
The price has dropped below the levels of $680 and $675. The price has broken below the 50% Fibonacci retracement level of the recovery wave from the swing low of $619 to the high of $693. On the hourly chart for BNB/USD, a key bearish trend line has also formed, 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 around $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 this case, BNB price may test $705.
A close above the $705 resistance level may pave the way for further upside 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 above the $675 resistance level, 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 it breaks below the $620 support level, the price may drop toward the $612 support level. Further declines could trigger larger drops toward 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.
