BNB price is recovering from the $630 support zone. The price is rising and might aim for a fresh move toward the $680 resistance.
- BNB price is moving higher above the $650 resistance zone.
- The price is now trading below $660 and the 100-hourly simple moving average.
- There is a connecting bearish trend line forming with resistance at $655 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $650 level to start another increase in the near term.
BNB Price Eyes Fresh Upside
After forming a base above the $630 level, BNB price started a fresh increase. There was a move above the $635 and $640 resistance levels. It even recovered above the $650 level, beating Ethereum and Bitcoin.
There was a decent move above the 50% Fib retracement level of the downward move from the $682 swing high to the $630 low. However, the bears seem to be active near the $655 and $660 levels. There is also a connecting bearish trend line forming with resistance at $655 on the hourly chart of the BNB/USD pair.
The price is now trading below $660 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $655 level. The next resistance sits near the $660 level or the 61.8% Fib retracement level of the downward move from the $682 swing high to the $630 low at $662.
A clear move above the $662 zone could send the price higher. In the stated case, BNB price could test $680. A close above the $680 resistance might set the pace for a larger move toward the $700 resistance. Any more gains might call for a test of the $720 level in the near term.
Another Decline?
If BNB fails to clear the $662 resistance, it could start another decline. Initial support on the downside is near the $650 level. The next major support is near the $642 level.
The main support sits at $630. If there is a downside break below the $630 support, the price could drop toward the $612 support. Any more losses could initiate a larger decline toward the $600 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 – $650 and $642.
Major Resistance Levels – $655 and $662.
