NewsBTC
12 December 2024
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BNB Price Surpasses $700, Aiming for Resistance at $735

BNB price is gaining momentum above the $700 zone, showing positive signs and potentially aiming for a move above the $735 resistance.

  • BNB price began an increase from the $650 support zone.
  • The price is trading above $700 and the 100-hourly simple moving average.
  • A break occurred above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair must maintain above the $700 level to facilitate further increases in the near term.

BNB Price Trends Upward

Following a close above the $675 level, BNB price initiated an upward movement, similar to Ethereum and Bitcoin. The price exceeded both $680 and $700 resistance levels.

A break above the bearish trend line at $705 was noted on the hourly chart. The price surpassed the 50% Fib retracement level of the downward move from the $761 swing high to the $650 low.

Currently, the price is above $700 and the 100-hourly simple moving average. A fresh increase could encounter resistance near the $720 level, which aligns with the 61.8% Fib retracement level of the prior downward move.

BNB Price

The next resistance is near the $735 level. A clear breakthrough above this zone may propel the price higher, potentially testing $750. A close above $750 might pave the way for a move towards the $762 resistance, with further gains possibly leading to a test of the $800 level.

Potential for a Downturn

If BNB does not surpass the $735 resistance, another decline may occur. Initial support is around the $705 level, followed by significant support at $700.

The primary support level is at $675. A drop below this support could result in a decline toward the $662 support. Additional losses may lead to a larger downturn towards the $650 level.

Technical Indicators

Hourly MACD: The MACD for BNB/USD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index): The RSI for BNB/USD is currently above the 50 level.

Major Support Levels: $705 and $700.

Major Resistance Levels: $735 and $750.