BNB value is stabilizing around the $725 area. The value is displaying encouraging indications and could attempt a surge past the $740 resistance.
- BNB value initiated a downward adjustment from the $800 resistance area.
- The value is currently trading above $700 and the 100-hourly simple moving average.
- A significant bearish trend line is developing with resistance at $725 on the hourly chart of the BNB/USD pair (data sourced from Binance).
- The pair needs to remain above the $715 mark to commence another increase shortly.
BNB Value Maintains Support
Following a close above the $700 threshold, BNB value broadened its rise, similar to Ethereum and Bitcoin. The bulls succeeded in pushing the value above the $720 and $750 resistance thresholds.
Ultimately, the value tested the $800 area. A peak was established at $794 before a downward adjustment occurred. There was a drop below the $750 and $740 levels. Nevertheless, the value is now maintaining its gains above the $700 threshold. A low was recorded at $688, and the value is now consolidating above the 23.6% Fib retracement level of the downward movement from the $795 swing high to the $688 low.
The value is currently trading above $700 and the 100-hourly simple moving average. Should there be a renewed rise, the value might encounter resistance close to the $725 level. Additionally, there is a crucial bearish trend line forming with resistance at $725 on the hourly chart of the BNB/USD pair.
The next resistance is situated around the $740 mark. It is close to the 50% Fib retracement level of the downward shift from the $795 swing high to the $688 low. A definitive move above the $740 area could propel the value higher.
In this scenario, BNB value could test $750. A close above the $750 resistance might pave the way for a more significant move towards the $785 resistance. Any further gains may prompt a test of the $800 level in the short term.
Another Drop?
If BNB cannot surpass the $725 resistance, it might initiate another descent. Initial support on the downside is around the $715 mark. The next significant support is near the $700 area.
The primary support is located at $685. If there is a downside breach below the $685 support, the value could fall towards the $665 support. Additional losses could trigger a broader decline towards the $650 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is presently above the 50 mark.
Key Support Levels – $715 and $700.
Key Resistance Levels – $740 and $750.