BNB price is consolidating above the $700 support zone. The price is consolidating and may aim for a fresh rally above the resistance at $720.
- BNB price is trying to clear the resistance zone at $720.
- The price is currently above $700 and the 100-hour straightforward moving average.
- A key bullish trendline is forming on the hourly chart of the BNB/USD pair with support at USD 708 (data source from Binance).
- To start another rally in the near future, the pair needs to stay above the $700 level.
BNB price has a higher purpose
After a downward correction, the BNB price found support at $690. Now it is recovering from losses like Ethereum and Bitcoin. There has been a move above the $700 level.
The bulls managed to push the price above the resistance at $712. However, bears are dynamic near the $720 zone. The high has formed at $717 and the price is currently consolidating gains above the 23.6% Fib retracement level resulting from the upward move from the low of $689 to the high of $717.
The price is currently above $700 and the 100-hour straightforward moving average. A key bullish trend line is also forming on the hourly chart of the BNB/USD pair with support at $708.
If a fresh rally occurs, the price may face resistance near the $718 level. The next resistance is near the $720 level. A clear move above the $720 zone may result in a price augment. In the given case, the BNB price could test $732. A close above the $732 resistance could set the pace for a larger move towards the $740 resistance. Further increases may result in a test of the $750 level in the near future.
Another dip?
If BNB fails to break through the resistance at $720, another decline could begin. Initial downside support is located near the $708 level and the trend line. The next significant support is near the $703 level.
Major support is located at $700 or the 61.8% Fib retracement level, representing an upward move from a low of $689 to a high of $717. If there is a break below the $700 support, the price could fall towards the $692 support. Larger losses could trigger a larger decline towards the $685 level.
Technical indicators
Hourly MACD – MACD for BNB/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Main support levels – USD 708 and USD 700.
Major resistance levels – $720 and $732.