BNB Price Eyes Key Upside Break

After facing rejection near the $735 zone, BNB saw a steady decline. There was a move below the $700 and $620 support levels.

After facing rejection near the $735 zone, BNB saw a steady decline. There was a move below the $700 and $620 support levels. The bears even pushed the price below $535 before the bulls appeared.

A low was formed near $508 and the price recently started a fresh increase, like Bitcoin and Ethereum. There was a steady move above the $550 and $580 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $732 swing high to the $508 low.

As seen in the above chart, BNB is now up over 10% in the past two weeks, and it is now stable above the 50-day simple moving average (blue). The current price action is positive, and the price seems to be consolidating gains.

The bulls could soon aim for a fresh increase and an upside. Immediate hurdle for them could be near the $645 level.

There is also a key bearish trend line forming with resistance at $645 on the daily chart. It is close to the 61.8% Fib retracement level of the downward move from the $732 swing high to the $508 low.

A clear move and close above the $645 resistance could open the doors for a move toward the $675 high or even $680. The next major resistance could be near the $732 level.

If there is a close above the $732 resistance level, the price might gain bullish momentum. In the stated case, the price might test $785. It is near the 1.236 Fib extension level of the downward move from the $732 swing high to the $508 low.

If BNB price fails to clear the $645 resistance, it might start a downside correction. Immediate support is near the $620 level and the 50-day simple moving average (blue). The first major support is now forming near the $600 level.

The main support is $560. A daily close below $560 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $510 support region. If the bulls fail to protect $510, the bears could even aim for a test of $465.

Overall, BNB price is showing positive signs above the $620 and $600 levels. A close above the $645 resistance could send the price toward $700 or even $732.