NewsBTC
26 November 2024
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BNB Price Consolidates Above $625, Eyes Resistance at $660

BNB price is consolidating near the $640 zone, holding support at $625 and potentially targeting a move above the $660 resistance.

  • BNB initiated a downside correction from the $685 resistance zone.
  • The price is trading below $650 and the 100-hourly simple moving average.
  • A key declining channel is forming with resistance at $660 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair must remain above the $625 level to initiate another increase in the near term.

BNB Price Holds Support

After closing above the $640 level, BNB extended its increase but faced limitations above $685. It remained capped compared to Ethereum and Bitcoin.

The price moved below $666 and $650, yet it is currently maintaining gains above $625. A low formed at $626, with consolidation occurring above the 23.6% Fib retracement level of the downward movement from the $676 swing high to the $626 low.

Currently, the price trades below $650 and the 100-hourly simple moving average. If there is an increase, resistance may be encountered near $650, close to the 50% Fib retracement level of the decline from the $676 swing high to the $626 low.

The next resistance level is around $660, where a clear move above could propel the price higher.

BNB Price

If BNB surpasses $660, it may test $676. A close above this level could facilitate a larger move towards $685, with potential gains aiming for the $700 level shortly thereafter.

More Losses?

If BNB does not exceed the $660 resistance, it may begin to decline again. Initial support is near $632, followed by major support at $625.

The primary support level is at $615. A break below this level could lead to a drop toward $600, with further losses possibly extending to $588.

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 below the 50 level.

Major Support Levels – $632 and $625.

Major Resistance Levels – $650 and $660.