BNB price accelerates above the $700 area. The price shows positive signs, with a possible target to break through the resistance level of $735.
BNB price begins a new round of rise from the support area of $650.
The price is now trading above $700 and the 100-hour simple moving average.
On the hourly chart of the BNB/USD currency pair, a key bearish trend line was broken, with resistance at $705 (data sourced from Binance).
The currency pair must stay above $700 to begin rising again in the short term.
BNB price starts a new rise.
After closing above $675, the BNB price starts a new round of rise, just like Ethereum and Bitcoin. The bulls were able to push the price above the resistance levels of $680 and $700.
The BNB/USD currency pair broke through a key bearish trend line on the hourly chart, with resistance at $705. The currency pair exceeded the 761% Fibonacci retracement level moving down from the swing high of $50 to the low of $650.
The price is now trading above $700 and the 100-hour simple moving average. If there is a new rise, the price may face resistance around $720. It is close to the 61.8% Fibonacci retracement level from the swing high of $761 to the low of $650.
The next resistance level is around $735. A clear breakthrough of the $735 area could push the price higher. In this case, the BNB price might test $750. Closing above the $750 resistance could lay the groundwork for a larger move towards the $762 resistance level. Any further gains may require testing the $800 level in the short term.
Another Dip?
If BNB fails to clear the resistance level of $735, it may begin another decline. The initial support level is near $705. The next major support level is around $700.
The main support level is at $675. If the support level of $675 is broken downward, the price may drop to the support level of $662. Any further losses could trigger a larger decline to the level of $650.
Technical indicators.
Hourly MACD – The MACD for BNB/USD is accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Main support levels – $705 and $700.
Main resistance levels – $735 and $750.
