Possible BNB Price Rebound: Could It Go Back to $720?

BNB price is consolidating above the support zone at $675. The price is consolidating and may aim for a fresh rally above the resistance at $700.

BNB price is struggling to stabilize above the $700 trading zone.
The price is currently below $700 and the 100-hour basic moving average.
On the hourly chart, the BNB/USD pair broke above the converging bearish trend line with resistance at $695 (data source from Binance).
The pair needs to stay above the $680 level to start another rally in the near future.

BNB price maintains support

After a downward correction, the BNB price found support at $675. Now it is recovering from losses like Ethereum and Bitcoin. There was a move above the $685 level.

The price was able to recover above the 23.6% Fib retracement level, the result of a downward move from a high of $745 to a low of $674. There was also a break above the converging bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair.

The price is currently below $700 and the 100-hour basic moving average. If a fresh rally occurs, the price may encounter resistance near the $700 level. The next resistance is located near the $710 level or the 50% Fib retracement level as it moves down from the $745 high to the $674 low.

A clear move above the $710 zone may result in a price augment. In the given case, the BNB price could test $725. A close above the $725 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 $710, another decline could begin. Initial downside support is near the $685 level. The next significant support is near the $675 level.

The main support is $650. If there is a break below the $650 support, the price could fall towards the $642 support. Larger losses could trigger a larger decline towards the $625 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 – $685 and $675.

Major resistance levels – $700 and $710.