BNB Price Consolidates Above $700, Eyes Resistance at $725

BNB price is consolidating near the $725 zone, showing potential for a move above the $740 resistance.

Price started a correction from the $800 resistance zone.
Currently trading above $700 and the 100-hourly simple moving average.
A key bearish trend line is forming with resistance at $725 on the hourly chart of the BNB/USD pair (data source from Binance).
The price must remain above $715 to initiate another increase in the near term.

BNB Price Holds Support

Following a close above $700, BNB price increased, similar to Ethereum and Bitcoin. The price surpassed the $720 and $750 resistance levels before testing the $800 zone, reaching a high of $794 before correcting downward. Recent lows were formed at $688, but the price is consolidating above the 23.6% Fib retracement level of the drop from $795 to $688.

Trading above $700 and the 100-hourly simple moving average indicates that if there is an increase, resistance will appear around $725. The next resistance level is near $740, coinciding with the 50% Fib retracement level of the downward movement. A clear breakout above $740 could lead to higher prices.

If successful, BNB price could test $750. A close above this level may pave the way for a larger move toward $785, potentially leading to a test of the $800 level shortly thereafter.

Another Dip?

If BNB fails to break the $725 resistance, it may decline. Initial support is near $715, followed by major support at $700. The main support level is at $685; a break below this could lead to a drop toward $665, with further losses possibly extending down to $650.

Technical Indicators:

Hourly MACD: Losing momentum in the bearish zone.

Hourly RSI: Currently above the 50 level.

Major Support Levels: $715 and $700.

Major Resistance Levels: $740 and $750.