BNB value is accelerating above the $700 range. The value is demonstrating positive indicators and may target a move beyond the $735 barrier.
- BNB value initiated a new surge from the $650 support range.
- The value is currently trading above $700 and the 100-hour simple moving average.
- A breakthrough occurred above a crucial bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data sourced from Binance).
- The pair needs to maintain its position above the $700 mark to commence another rise in the short term.
BNB Value Initiates New Surge
Following a close above the $675 mark, BNB value began a new increase, similar to Ethereum and Bitcoin. The bulls managed to drive the value beyond the $680 and $700 resistance points.
A breakthrough was made above a significant bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair exceeded the 50% Fib retracement level of the decline from the $761 swing peak to the $650 trough.
The value is now trading above $700 and the 100-hour simple moving average. Should there be a new increase, the value might encounter resistance close to the $720 mark. This is in proximity to the 61.8% Fib retracement level of the downturn from the $761 swing peak to the $650 trough.
The next barrier lies near the $735 mark. A decisive move above the $735 region could push the value higher. In such a scenario, BNB value could test $750. A close above the $750 resistance could pave the way for a more significant move toward the $762 barrier. Further gains might prompt a test of the $800 threshold in the near future.
Another Drop?
If BNB cannot overcome the $735 resistance, it may initiate another decline. Initial support on the downside is around the $705 level. The following major support is near the $700 mark.
The primary support is located at $675. If there is a breakdown below the $675 support, the value could fall toward the $662 support. Additional losses may trigger a broader decline toward the $650 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining momentum in the bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD currently stands above the 50 mark.
Key Support Levels – $705 and $700.
Key Resistance Levels – $735 and $750.
