BNB price is accelerating above the $700 zone. The price is showing positive signs and may be heading for a move above the resistance at $735.
- BNB price has started a up-to-date rally from the $650 support zone.
- The price is currently above $700 and the 100-hour straightforward moving average.
- There has been a break above the key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
- To start another rally in the near future, the pair needs to stay above the $700 level.
BNB price begins a up-to-date rise
After closing above the $675 level, the BNB price began a up-to-date rally, along with Ethereum and Bitcoin. The bulls managed to push the price above the resistance levels of $680 and $700.
There has been a break above the key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair crossed the 50% Fib retracement level in a downward move from a high of $761 to a low of $650.
The price is currently above $700 and the 100-hour straightforward moving average. If a up-to-date rally occurs, the price may face resistance near the $720 level. It is close to the 61.8% Fib retracement level, a sign of a move down from the high of $761 to the low of $650.
The next resistance is near the $735 level. A clear move above the $735 zone may result in a price enhance. In the given case, the BNB price could test $750. A close above the $750 resistance could set the pace for a larger move towards the $762 resistance. Further increases may result in a test of the $800 level in the near future.
Another dip?
If BNB fails to break through the resistance at $735, another decline could begin. Initial downside support is near the $705 level. The next critical support is near the $700 level.
The main support is $675. If there is a break below the support at $675, the price could fall towards the support at $662. Larger losses could trigger a larger decline towards the $650 level.
Technical indicators
Hourly MACD – MACD for BNB/USD is gaining momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Main support levels – USD 705 and USD 700.
Major resistance levels – $735 and $750.
