BNB price is gaining pace above the $700 zone. The price is showing positive signs and might aim for a move above the $735 resistance.
BNB price started a fresh increase from the $650 support zone.
The price is now trading above $700 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $700 level to start another increase in the near term.
BNB Price Starts Fresh Increase
After a close above the $675 level, BNB price started a fresh increase, like Ethereum and Bitcoin. The bulls were able to pump the price above the $680 and $700 resistance levels.
There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $761 swing high to the $650 low.
The price is now trading above $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $720 level. It is close to the 61.8% Fib retracement level of the downward move from the $761 swing high to the $650 low.
The next resistance sits near the $735 level. A clear move above the $735 zone could send the price higher. In the stated case, BNB price could test $750. A close above the $750 resistance might set the pace for a larger move toward the $762 resistance. Any more gains might call for a test of the $800 level in the near term.
Another Dip?
If BNB fails to clear the $735 resistance, it could start another decline. Initial support on the downside is near the $705 level. The next major support is near the $700 level.
The main support sits at $675. If there is a downside break below the $675 support, the price could drop toward the $662 support. Any more losses could initiate a larger decline toward the $650 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $705 and $700.
Major Resistance Levels – $735 and $750.
Source: NewsBTC.com
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