The price of BNB is covering above the $620 support area. The price is consolidating and may target a fresh rise above the $675 resistance.
- BNB price is struggling to stay above the $700 pivot area.
- The price is now trading below $680 and the 100-hour simple moving average.
- There is a main bearish line forming with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair should stay above the $640 level to start another uptrend in the near term.
BNB Price Holds Support
After a lower correction, BNB price found support at $620. Now it is experiencing losses like Ethereum and Bitcoin. There was a move above the $675 level before the bears appeared at $695.
There was a move below the $680 and $675 levels. The price dropped below the 50% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. There is also a key bearish line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The price is now trading below $675 and the 100 hourly simple moving average. However, bulls are now working near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high.
If there is a new rise, the price may face resistance near the $675 level and the trend line. The next resistance remains near the $692 level. A clear move above the $692 area would send the price higher. In the mentioned scenario, the price of BNB can test $705.
A close above the $705 resistance could stop the pace of a bigger move to the $720 resistance. Any additional gains may require a test of the $735 level in the near term.
Another Dip?
If BNB fails to clear the $675 resistance, it could start another decline. The first support on the downside is near the $640 level. The next major support is near the $625 level.
Key support remains at $620. If there is a break below the $620 support, the price may drop to the $612 support. Any further losses could trigger a major decline towards the $600 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 – $640 and $620.
Major Resistance Levels – $675 and $692.
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