BNB price is consolidating near the $700 support zone. The price is showing a few bearish signs but the bulls might remain active near the $672 support.
BNB price is struggling to clear the $720 resistance zone.
The price is now trading below $700 and the 100-hourly simple moving average.
There was a break below a key bullish trend line with support at $696 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $672 level to start another increase in the near term.
BNB Price Holds Support
After a decent increase, BNB price struggled to settle above the $705 level. It started a pullback from the $703 high, like Ethereum and Bitcoin.
There was drop below the $695 support zone. Besides, there was a break below a key bullish trend line with support at $696 on the hourly chart of the BNB/USD pair. The pair seems to be now approaching the 50% Fib retracement level of the upward move from the $664 swing low to the $703 high.
The price is now trading below $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $692 level. The next resistance sits near the $696 level.
A clear move above the $696 zone could send the price higher. In the stated case, BNB price could test $700. A close above the $700 resistance might set the pace for a larger move toward the $720 resistance. Any more gains might call for a test of the $732 level in the near term.
More Losses?
If BNB fails to clear the $696 resistance, it could start another decline. Initial support on the downside is near the $685 level. The next major support is near the $680 level.
The main support sits at $672 or the 76.4% Fib retracement level of the upward move from the $664 swing low to the $703 high. If there is a downside break below the $692 support, the price could drop toward the $685 support. Any more losses could initiate a larger decline toward the $675 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $685 and $672.
Major Resistance Levels – $696 and $700.
