BNB Price Consolidates Above $620 Support Amid Bearish Resistance
BNB price is consolidating above the $620 support zone and may aim for an increase above the $675 resistance.
- BNB price struggles to settle above the $700 pivot zone.
- The price trades below $680 and the 100-hourly simple moving average.
- A key bearish trend line forms with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must remain above the $640 level to initiate a near-term increase.
BNB Price Holds Support
After a correction, BNB price found support at $620. It is recovering losses similar to Ethereum and Bitcoin. The price moved above $675 before declining at $695.
The price dropped below $680 and $675, falling beneath the 50% Fib retracement level from the $619 swing low to the $693 high. A bearish trend line also forms with resistance at $675.
Currently, the price is below $675 and the 100-hourly simple moving average. However, bulls are active near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high.
If there is a fresh increase, the price may encounter resistance around $675 and the trend line. The next resistance is near $692; a clear move above this level could push the price higher, potentially testing $705.
A close above the $705 resistance might lead to a larger move toward the $720 resistance, with potential gains testing the $735 level soon.
Another Dip?
If BNB does not overcome the $675 resistance, it may decline further. Initial downside support is near $640, followed by major support at $625.
The main support is at $620. A break below this level could cause the price to drop toward $612, with further losses possibly leading to a larger decline toward $600.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $640 and $620.
Major Resistance Levels – $675 and $692.