BNB price is recovering from the $600 support zone. The price is rising and might aim for a fresh move toward the $640 resistance.
- BNB price is moving higher above the $620 resistance zone.
- The price is now trading below $630 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $627 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $615 level to start another increase in the near term.
BNB Price Eyes Upside Break
After forming a base above the $600 level, BNB price started a fresh increase. There was a move above the $618 and $610 resistance levels. It even recovered above the $625 level, like Ethereum and Bitcoin.
There was a break above the 23.6% Fib retracement level of the downward move from the $645 swing high to the $615 low. The price is now trading below $630 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $628 level.
There is also a connecting bearish trend line forming with resistance at $627 on the hourly chart of the BNB/USD pair. The next resistance sits near the $630 level or the 50% Fib retracement level of the downward move from the $645 swing high to the $615 low.
A clear move above the $630 zone could send the price higher. In the stated case, BNB price could test $638. A close above the $638 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term.
Another Decline?
If BNB fails to clear the $630 resistance, it could start another decline. Initial support on the downside is near the $622 level. The next major support is near the $615 level.
The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $565 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 – $622 and $615.
Major Resistance Levels – $628 and $630.
