BNB Price Consolidates Below $640 Amid Resistance Challenges
BNB price is consolidating below the $665 resistance and may aim for an increase above $635.
- BNB price began a downside correction from the $665 resistance zone.
- The price is trading below $640 and the 100-hourly simple moving average.
- A bullish trend line is forming with support at $620 on the hourly chart of the BNB/USD pair (data source from Binance).
- The price must remain above $600 to initiate another increase in the near term.
BNB Price Holds Support
After closing above $620, BNB price attempted to rise but faced limitations above $660, unlike Ethereum and Bitcoin.
The price moved below $632 and $620 but is currently holding above $600. A low was established at $616, and the price is consolidating near the 23.6% Fib retracement level of the decline from $661 to $616.
Currently, BNB trades below $620 and the 100-hourly simple moving average. The bullish trend line provides support at $620.
If the price increases, it may encounter resistance around $626. Additional resistance levels are near $638 or the 50% Fib retracement of the drop from $661 to $616. A clear breakout above $638 could lead to further gains.
Should this occur, BNB price may test $650. A close above $650 could pave the way for a move toward $665, with potential testing of $680 thereafter.
More Losses?
If BNB does not surpass the $638 resistance, it may experience further declines. Initial support is at $620 and the trend line, with major support at $615.
The primary support level is at $600. A dip below this level could lead to a drop toward $585, and additional losses might trigger a larger decline toward $565.
Technical Indicators:
- Hourly MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is below the 50 level.
- Major Support Levels – $620 and $615.
- Major Resistance Levels – $638 and $650.