BNB Price Consolidates Above $640 Support, Aiming for Upside Gains
BNB is consolidating above the $640 support zone and showing positive signs for potential gains.
- Price is recovering from the $640 support level.
- Currently trading above $655 and the 100-hourly simple moving average.
- Break occurred above a bearish trend line with resistance at $652 on the BNB/USD hourly chart.
- Must maintain above $642 to initiate further increases.
Price Movement Overview
After establishing a base above $642, BNB initiated an increase, surpassing the $650 and $655 resistance levels. Key points include:
- A move above the 50% Fib retracement level from the recent decline between $671 and $642.
- Resistance anticipated near $660, close to the 61.8% Fib retracement level.
- Next resistance at $670; a break here could lead to testing $678 and potentially $685.
- Further gains might target the $700 level.
Potential Decline Risks
If BNB does not clear the $660 resistance, it may face a decline with key support levels identified as follows:
- Initial support at $652.
- Major support around $650.
- Main support at $642; a drop below this could lead to $630 and possibly $620.
Technical indicators are positive with the MACD in bullish territory and RSI above 50.