BNB price is consolidating near the $725 zone. The price is showing positive signs and might aim for a move above the $740 resistance.
- BNB price started a downside correction from the $800 resistance zone.
- The price is now trading above $700 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $715 level to start another increase in the near term.
BNB Price Holds Support
After a close above the $700 level, BNB price extended its increase, like Ethereum and Bitcoin. The bulls were able to pump the price above the $720 and $750 resistance levels.
Finally, the price tested the $800 zone. A high was formed at $794 before there was a downside correction. There was a move below the $750 and $740 levels. However, the price is now holding gains above the $700 level. A low was formed at $688 and the price is now consolidating above the 23.6% Fib retracement level of the downward move from the $795 swing high to the $688 low.
The price is now trading above $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $725level. There is also a key bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair.
The next resistance sits near the $740 level. It is near the 50% Fib retracement level of the downward move from the $795 swing high to the $688 low. A clear move above the $740 zone could send the price higher.
In the stated case, BNB price could test $750. A close above the $750 resistance might set the pace for a larger move toward the $785 resistance. Any more gains might call for a test of the $800 level in the near term.
Another Dip?
If BNB fails to clear the $725 resistance, it could start another decline. Initial support on the downside is near the $715 level. The next major support is near the $700 level.
The main support sits at $685. If there is a downside break below the $685 support, the price could drop toward the $665 support. Any more losses could initiate a larger decline toward the $650 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $715 and $700.
Major Resistance Levels – $740 and $750.
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