BNB price struggled to break the resistance zone at $665. The price is consolidating and may aim to rise above the $635 level again.
- BNB price started a downward correction from the resistance zone at $665.
- The price is currently below $640 and the 100-hour basic moving average.
- A connecting bullish trend line is forming on the hourly chart of the BNB/USD pair with support at USD 620 (data source from Binance).
- The pair needs to stay above the $600 level to start another rally in the near future.
BNB price maintains support
After closing above $620, the BNB price continued to rise. However, the benefits were confined above $660 and the price remained capped, unlike Ethereum and Bitcoin.
There was a move below the $632 and $620 levels. However, the price is currently holding gains above the $600 level. The low formed at $616 and the price is currently consolidating near the 23.6% Fib retracement level resulting from a downward move from the high of $661 to the low of $616.
The price is currently below $620 and the 100-hour basic moving average. A connecting bullish trend line is also forming on the hourly chart of the BNB/USD pair with support at $620.
If a novel rally occurs, the price may face resistance near the $626 level. The next resistance is located near the $638 level or the 50% Fib retracement level in a downward move from a high of $661 to a low of $616. A clear move above the $638 zone may result in a price escalate.
In the given case, the BNB price could test $650. A close above the $650 resistance could set the pace for a larger move towards the $665 resistance. Further increases may result in a test of the $680 level in the near future.
More losses?
If BNB fails to break through the resistance at $638, another decline could begin. Initial downside support is located near the $620 level and the trend line. The next critical support is near the $615 level.
The main support is $600. If there is a break below the $600 support, the price could fall towards the $585 support. Larger losses could trigger a larger decline towards the $565 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 below the 50 level.
Main support levels – USD 620 and USD 615.
Major resistance levels – $638 and $650.
