BNB price is consolidating near the $725 zone. The price is showing positive signs and may be heading for a move above the resistance at $740.

• BNB price has started a downward correction from the $800 resistance zone.
• The price is currently above $700 and the 100-hour elementary moving average.
• A key bearish trend line is forming on the hourly chart of the BNB/USD pair with resistance at $725 (data source from Binance).
• To start another rally in the near future, the pair needs to stay above the $715 level.

BNB price maintains support

After closing above the $700 level, the price of BNB continued to rise, as did Ethereum and Bitcoin. The bulls managed to push the price above the resistance levels of $720 and $750.

Finally, the price tested the $800 zone. The peak was made at $794, followed by a downward correction. There was a move below the $750 and $740 levels. However, the price is currently holding gains above the $700 level. The low formed at $688 and the price is currently consolidating above the 23.6% Fib retracement level resulting from the downward move from the high of $795 to the low of $688.

The price is currently above $700 and the 100-hour elementary moving average. If a fresh rally occurs, the price may face resistance near the $725 level. A key bearish trend line is also forming on the hourly chart of the BNB/USD pair with resistance at $725.

The next resistance is near the $740 level. It is near the 50% Fib retracement level, which is a downward move from a high of $795 to a low of $688. A clear move above the $740 zone may result in a price raise.

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 $785 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 $725, another decline could begin. Initial downside support is near the $715 level. The next crucial support is near the $700 level.

The main support is $685. If a break occurs below the $685 support, the price could fall towards the $665 support. Larger losses could trigger a larger decline towards the $650 level.

Technical indicators

Hourly MACD – MACD for BNB/USD is losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Main support levels – $715 and $700.

Major resistance levels – $740 and $750.