The price of BNB is hovering around the $725 area. The price is showing positive signs and may aim to move above the $740 resistance.
- BNB price started an inverse correction from the $800 resistance area.
- The price is now trading above $700 and the 100 hourly simple moving average.
- There is an important bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair should stay above the $715 level to start another uptrend in the near term.
BNB Price Holds Support
After closing above the $700 level, the price of BNB extended its increase, just like Ethereum and Bitcoin. The bulls managed to pump the price above the $720 and $750 resistance levels.
Finally, the price tested the $800 area. A high was formed at $794 before there was a correction lower. There was a move below the $750 and $740 levels. However, the price is now holding gains above the $700 level. A low was formed at $688 and the price is now consolidating above the 23.6% Fib retracement level from the $795 swing high to the $688 low.
The price is now trading above $700 and the 100 hourly simple moving average. If there is a new rally, the price may face resistance near the $725 level. There is also a key bearish line forming with resistance at $725 on the hourly chart of BNB/USD.
The next resistance remains near the $740 level. It is near the 50% Fib retracement level of the low from the $795 swing high to the low of $688. A clear move above the $740 area would send the price higher.
In the mentioned scenario, the price of BNB can test $750. A close above the $750 resistance could stop the pace of a major move towards the $785 resistance. Any additional gains may require a test of the $800 level in the near term.
Another Dip?
If BNB fails to clear the $725 resistance, it could start another decline. The first support on the downside is near the $715 level. The next major support is near the $700 level.
Key support remains at $685. If there is a break below the $685 support, the price may drop to the $665 support. Any further losses could trigger a major decline towards the $650 level.
Technical References
Hourly MACD – MACD of BNB/USD is losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $715 and $700.
High Resistance Levels – $740 and $750.
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