BNB value is stabilizing above the $620 support area. The value is stabilizing and may seek a new surge beyond the $675 resistance.
- BNB value is having difficulty establishing a position above the $700 pivot area.
- The value is presently trading below $680 and the 100-hour simple moving average.
- A significant bearish trend line is developing, presenting resistance at $675 on the hourly chart of the BNB/USD pair (data sourced from Binance).
- The pair must remain above the $640 threshold to initiate another rise in the short term.
BNB Value Maintains Support
Following a downward correction, BNB value located support at $620. It is now recuperating losses similar to Ethereum and Bitcoin. There was a surge above the $675 mark before the bears emerged at $695.
A drop occurred below the $680 and $675 marks. The value fell beneath the 50% Fib retracement level from the recovery wave extending from the $619 swing low to the $693 peak. There is also an important bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The value is currently trading below $675 and the 100-hour simple moving average. Nonetheless, the bulls are becoming active around the 76.4% Fib retracement level from the recovery wave of the $619 swing low to the $693 high.
If a new surge occurs, the value may encounter resistance near the $675 level and the trend line. The subsequent resistance is located around the $692 level. A definitive move beyond the $692 zone could propel the price higher. In that scenario, BNB value could test $705.
A closing above the $705 resistance could pave the way for a more significant movement towards the $720 resistance. Additional gains may necessitate a test of the $735 level in the short term.
Another Decline?
If BNB does not overcome the $675 resistance, it may begin another drop. Initial support to the downside is around the $640 level. The next significant support is near the $625 level.
The primary support stands at $620. If there is a downward breach under the $620 support, the value may fall towards the $612 support. Further declines could trigger a larger drop toward the $600 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is diminishing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 threshold.
Key Support Levels – $640 and $620.
Key Resistance Levels – $675 and $692.
