BNB price is gaining pace from the $600 support zone. The price is rising and might aim for a fresh move toward the $750 resistance.
- BNB price is moving higher above the $650 resistance zone.
- The price is now trading above $665 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $660 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $650 level to start another increase in the near term.
BNB Price Eyes Fresh Rally
After forming a base above the $600 level, BNB price started a fresh increase. There was a move above the $620 and $650 resistance levels. It even rallied above the $700 level, beating Ethereum and Bitcoin.
The price traded as high as $732 and recently saw a downside correction. There was a move below the $700 support level. The price dipped below the 23.6% Fib retracement level of the upward move from the $596 swing low to the $732 high.
The price is now trading above $650 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $660 on the hourly chart of the BNB/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $596 swing low to the $732 high.
If there is a fresh increase, the price could face resistance near the $700 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 $750 resistance. Any more gains might call for a test of the $800 level in the near term.
Another Decline?
If BNB fails to clear the $700 resistance, it could start another decline. Initial support on the downside is near the $665 level. The next major support is near the $650 level.
The main support sits at $635. If there is a downside break below the $635 support, the price could drop toward the $620 support. Any more losses could initiate a larger decline toward the $600 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $665 and $650.
Major Resistance Levels – $700 and $732.
