BNB price is consolidating above the $700 support zone. The price is consolidating and might aim for a fresh increase above the $720 resistance.
- BNB price is struggling to clear the $720 resistance zone.
- The price is now trading above $700 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $700 level to start another increase in the near term.
BNB Price Aims Higher
After a downside correction, BNB price found support at $690. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $700 level.
The bulls were able to push the price above the $712 resistance. However, the bears are active near the $720 zone. A high was formed at $717 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $689 swing low to the $717 high.
The price is now trading above $700 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $718 level. The next resistance sits near the $720 level. A clear move above the $720 zone could send the price higher. In the stated case, BNB price could test $732. A close above the $732 resistance might set the pace for a larger move toward the $740 resistance. Any more gains might call for a test of the $750 level in the near term.
Another Dip?
If BNB fails to clear the $720 resistance, it could start another decline. Initial support on the downside is near the $708 level and the trend line. The next major support is near the $703 level.
The main support sits at $700 or the 61.8% Fib retracement level of the upward move from the $689 swing low to the $717 high. If there is a downside break below the $700 support, the price could drop toward the $692 support. Any more losses could initiate a larger decline toward the $685 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $708 and $700.
Major Resistance Levels – $720 and $732.
