BNB price is consolidating above the $700 support zone. The price is consolidating and might aim for a fresh increase above the $720 resistance.
BNB price is struggling to clear the $720 resistance zone.
The price is now trading above $700 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $700 level to start another increase in the near term.
After a downside correction, BNB price found support at $690. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $700 level.
The bulls were able to push the price above the $712 resistance. However, the bears are active near the $720 zone. A high was formed at $717 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $689 swing low to the $717 high.
The price is now trading above $700 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $718 level. The next resistance sits near the $720 level. A clear move above the $720 zone could send the price higher. In the stated case, BNB price could test $732. A close above the $732 resistance might set the pace for a larger move toward the $740 resistance. Any more gains might call for a test of the $750 level in the near term.
If BNB fails to clear the $720 resistance, it could start another decline. Initial support on the downside is near the $708 level and the trend line. The next major support is near the $703 level.
The main support sits at $700 or the 61.8% Fib retracement level of the upward move from the $689 swing low to the $717 high. If there is a downside break below the $700 support, the price could drop toward the $692 support. Any more losses could initiate a larger decline toward the $685 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $708 and $700.
Major Resistance Levels – $720 and $732.
—
Blog powered by G6
Disclaimer! A guest author has made this post. G6 has not checked the post. its content and attachments and under no circumstances will G6 be held responsible or liable in any way for any claims, damages, losses, expenses, costs or liabilities whatsoever (including, without limitation, any direct or indirect damages for loss of profits, business interruption or loss of information) resulting or arising directly or indirectly from your use of or inability to use this website or any websites linked to it, or from your reliance on the information and material on this website, even if the G6 has been advised of the possibility of such damages in advance.
For any inquiries, please contact [email protected]
