BNB price is recovering losses from the $635 support zone. The price is rising and might aim for a fresh move toward the $700 resistance.
- BNB price is struggling to clear the $685 resistance zone.
- The price is now trading above $675 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $674 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $668 level to start another increase in the near term.
BNB Price Eyes Comeback
After a decent increase, BNB price struggled to settle above the $700 level. It started a pullback from the $691 high, like Ethereum and Bitcoin.
There was drop below the $685 support zone. The price even dived below the $650 level. A low was formed at $637 and the price recently started a strong rebound. There was a move above the $650 level. The price climbed above the 50% Fib retracement level of the downward move from the $691 swing high to the $637 low.
There was a break above a key bearish trend line with resistance at $674 on the hourly chart of the BNB/USD pair. The price is now trading above $675 and the 100-hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $691 swing high to the $637 low.
If there is a fresh increase, the price could face resistance near the $685 level. The next resistance sits near the $692 level. A clear move above the $692 zone could send the price higher.
In the stated case, BNB price could test $700. A close above the $700 resistance might set the pace for a larger move toward the $720 resistance. Any more gains might call for a test of the $732 level in the near term.
Another Decline?
If BNB fails to clear the $685 resistance, it could start another decline. Initial support on the downside is near the $675 level. The next major support is near the $668 level.
The main support sits at $655. If there is a downside break below the $655 support, the price could drop toward the $635 support. Any more losses could initiate a larger decline toward the $620 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $675 and $668.
Major Resistance Levels – $685 and $692.
