BNB price is consolidating above the $675 support area. The price is consolidating and may break through the $700 resistance level and rise again.
BNB price is struggling to stabilize above the pivot area of $700.
Currently, the price is below $700 and the 100-hour simple moving average.
On the hourly chart of BNB/USD, it broke through the resistance level at $695, connecting the bearish trend line (data sourced from Binance).
The currency pair must stay above $680 to start rising again in the short term.
BNB price is gaining support.
After a downward correction, BNB price has found support at $675. It is now recovering losses similar to Ethereum and Bitcoin. The price has broken through the $685 level.
The price has managed to rise above the 23.6% Fibonacci retracement level of the downward trend from the high of $745 to the low of $674. On the hourly chart of BNB/USD, the price has also broken through the resistance level of $695, connecting the bearish trend line.
Currently, the price is below $700 and the 100-hour simple moving average. If a new rise occurs, the price may face resistance around $700. The next resistance level is around $710, which is the 50% Fibonacci retracement level of the downward trend from the high of $745 to the low of $674.
A significant breakout above the $710 area could push the price higher. In this scenario, BNB price may test $725. A closing price above the $725 resistance level could set the stage for a further breakout above the $740 resistance level. If it rises further, it may need to test the $750 level in the short term.
Drop again?
If BNB fails to break through the $710 resistance level, it may drop again. The initial support level on the downside is around $685. The next major support level is around $675.
The main support level is at $650. If the support level of $650 is broken, the price may drop towards the support level of $642. If it drops further, it could trigger a larger decline, heading towards the $625 level.
Technical Indicators:
Hourly MACD - The MACD for BNB/USD is losing momentum in the bearish area.
Hourly RSI (Relative Strength Index) - The RSI for BNB/USD is currently above the 50 level.
Main support levels - $685 and $675.
Main resistance levels - $700 and $710.
