BNB Price Consolidates Above $700, Aiming for Breakout Above $720

BNB is currently consolidating above the $700 support level with a potential aim to rise above the $720 resistance.

BNB struggles at $720 resistance.
Trading above $700 and the 100-hourly simple moving average.
Key bullish trend line support at $708 on the hourly chart.
Must maintain above $700 for potential upward movement.

Price Movement

After a correction, BNB found support at $690 and is recovering. The price moved above $700 and reached a high of $717 but faces resistance near $720.

If successful in breaking above $720, BNB could test $732, with further gains possibly reaching $740 or $750.

Potential Decline

If BNB cannot surpass $720, it may decline. Initial support levels are at $708 and $703, with major support at $700.

A drop below $700 could lead to further declines towards $692 and potentially $685.

Technical Indicators

Hourly MACD indicates slowing bullish momentum. RSI remains above 50.

Major Support Levels: $708 and $700

Major Resistance Levels: $720 and $732