BNB price is starting to recover from the $635 support area and is showing signs of an upward trend. The price is increasing and could potentially target a new high around the $700 resistance level.
- Struggling to surpass the $685 resistance area.
- Currently above $675 and the 100-hourly simple moving average.
- A bullish trend line breakout at $674 on the BNB/USD hourly chart.
- Staying above $668 is crucial for further upside potential.
BNB Price Looking for a Comeback
Following a notable rise, the BNB price faced difficulties in sustaining above $700 and retraced from the $691 peak, similar to what happened with Ethereum and Bitcoin.
The price slipped below the $685 support region, eventually dropping below $650 and hitting a low of $637 before beginning a strong recovery. It climbed back above $650 and surpassed the 50% Fib retracement level of the recent decline from $691 to $637.
With a breakout above a crucial bearish trend line at $674 on the BNB/USD hourly chart, the price is now trading above $675 and the 100-hourly simple moving average. Additionally, it surpassed the 76.4% Fib retracement level of the downward move from $691 to $637.
If the uptrend continues, the price might face resistance near $685, followed by $692. A clear move above $692 could lead to further gains.
If BNB manages to break above $700, it could aim for $720, with further potential to test the $732 level in the near future.
Potential for a Downward Movement
If the $685 resistance remains unbroken, a downward trend might kick in. Initial support levels can be found around $675, followed by a major support at $668.
The crucial support level lies at $655, and a breach below this could drive the price towards $635. Further decline could lead to a drop towards $620.
Technical Indicators
Hourly MACD – Showing bullish momentum for BNB/USD.
Hourly RSI (Relative Strength Index) – RSI for BNB/USD is currently above 50.
Key Support Levels – $675 and $668.
Key Resistance Levels – $685 and $692.
