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BNB Price Recovery: Can It Surge Back to $720?

BNB's price is currently stabilizing above the $675 support level, indicating a potential recovery. The market shows signs of consolidation, suggesting that a renewed push above the $700 resistance level may be on the horizon.

BNB Price Faces Challenges at $700 The BNB price is encountering difficulty in establishing a firm position above the pivotal $700 mark. Presently, it trades below $700 and the 100-hour simple moving average. Notably, there was a breach above a bearish trend line with resistance around $695 on the hourly chart of the BNB/USD pair (data sourced from Binance). For a significant upward movement, the pair must maintain a position above the $680 level.

BNB Price Support Levels Following a corrective dip, BNB found support at $675 and has begun to recover, akin to Ethereum and Bitcoin. The price has surpassed the $685 level and reclaimed the 23.6% Fib retracement level from the $745 swing high to the $674 low. Additionally, it broke through a connecting bearish trend line with resistance near $695 on the hourly chart.

Currently, BNB is trading below the $700 mark and the 100-hour simple moving average. If an upward trend continues, the price could encounter resistance near $700, with further resistance anticipated around $710 or the 50% Fib retracement level from the $745 swing high to the $674 low.

Potential Upside for BNB A decisive move past the $710 resistance could propel BNB higher, potentially testing the $725 mark. If BNB manages to close above $725, it might pave the way for a climb toward the $740 resistance. Additional gains could push the price to test the $750 level in the near term.

Risks of Another Decline Should BNB fail to break past the $710 resistance, a downward trend might resume. Immediate support lies near $685, followed by a significant support level at $675. The critical support area is at $650, and a break below this could drive the price down toward $642. Further losses may lead to a dip to $625.

Technical Indicators

Hourly MACD: The MACD for BNB/USD is losing momentum in the bearish zone.

Hourly RSI: The RSI for BNB/USD is currently above the 50 mark.

Key Support Levels: $685, $675

Key Resistance Levels: $700, $710