BNB Price Holds Support, Might Aim for a Fresh Increase Above the $675 Resistance

BNB price is consolidating above the $620 support zone. The price is consolidating and might aim for a fresh increase above the $675 resistance.

BNB price is consolidating above the $620 support zone. The price is consolidating and might aim for a fresh increase above the $675 resistance.

BNB Price Holds Support

After a downside correction, BNB price found support at $620. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $675 level before the bears appeared at $695.

There was a move below the $680 and $675 levels. The price declined below the 50% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. There is also a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair.

The price is now trading below $675 and the 100-hourly simple moving average. However, the bulls are now active near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high.

If there is a fresh increase, the price could face resistance near the $675 level and the trend line. The next resistance sits near the $692 level. A clear move above the $692 zone could send the price higher. In the stated case, BNB price could test $705.

A close above the $705 resistance might set the pace for a larger move toward the $720 resistance. Any more gains might call for a test of the $735 level in the near term.

Another Dip?

If BNB fails to clear the $675 resistance, it could start another decline. Initial support on the downside is near the $640 level. The next major support is near the $625 level.

The main support sits at $620. If there is a downside break below the $620 support, the price could drop toward the $612 support. Any more losses could initiate a larger decline toward the $600 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 – $640 and $620.

Major Resistance Levels – $675 and $692.