BNB Market Insights: Rebound or Decline?

Recently, BNB has been in the spotlight in the market, with its price movement reaching a critical point. Investors are concerned about whether it will rebound or fall.

Currently, BNB is stable at $620. It faced resistance at $675 earlier, fell, then rebounded, but was again pressured down by bears. Now, it is testing $675 again but hasn't broken through yet, although there is some activity from bulls at the 76.4% retracement level.

Looking upwards, BNB has significant challenges to rebound. $675 is a strong resistance level, and there is considerable pressure from the trend line. After breaking $675, $692 will also act as resistance, and it must break through to reach $705.

If it can close above $705, there is a possibility of challenging $720 and briefly testing $735, allowing bulls to take control.

Conversely, if it cannot break $675, it might initiate a downward trend. Initial support is at $640, the next level is $625, and the key level is $620.

If it falls below $620, it could drop to $612, and further declines may take it to $600.

In terms of technical indicators, the hourly MACD is losing momentum in the bearish zone, and the hourly RSI is slightly above 50, showing a neutral to bullish bias.

The main support levels are $640 and $620, while the main resistance levels are $675 and $692, so investors should keep a close watch.

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