BNB Price Expected to Rebound: Can it Return to the $720 High?
BNB is currently consolidating above the support area at $675. Although it is in a consolidation phase right now, there is potential for a breakout above the $700 resistance and a subsequent rise.
BNB price is struggling to stabilize above the key $700 area, currently priced below $700 and the 100-hour simple moving average.
According to Binance data, in the hourly chart for the BNB/USD pair, it has broken the connecting bearish trend line, with the resistance level at $695. In the short term, the currency pair must hold above $680 to restart the upward momentum.
After a downward adjustment, BNB price found support at $675 and is now recovering like Ethereum and Bitcoin, with the price having broken through the $685 level. It has successfully risen above the 23.6% Fibonacci retracement level of the downward trend from the $745 high to the $674 low. Similarly, in the hourly chart for the BNB/USD pair, the price has broken through the $695 resistance of the connecting bearish trend line.
The next resistance level is near $710, which is the 50% Fibonacci retracement level of the downward trend from the $745 high to the $674 low.
Once it significantly breaks through the $710 range, the price is expected to gain momentum. In this scenario, the BNB price will likely test $725.
If the closing price successfully breaks through the $725 resistance level, it could lay a solid foundation for a subsequent breakout above the $740 resistance. Should the upward trend continue, it may also challenge the $750 mark in the short term.
If BNB fails to break through the $710 resistance, there is a risk of revisiting lower levels. Initially, the first support line is around $685, followed by the next key support level near $675, while the ultimate bottom support level is set at $650.
If it falls below $650, the price may slide towards the $642 support area. If the decline does not stop, the subsequent drop may further widen, approaching the $625 line.
