BNB price is pacing above the $700 zone. The price is showing positive signs and could aim for a move above the $735 resistance.
BNB price started a new rise from the $650 support zone. The price is currently trading above $700 and the 100 hourly simple moving average. On the hourly chart of the BNB/USD pair, the pair broke above the main bearish trend line with resistance at $705 (data source: Binance). The pair needs to sustain above the $700 level to initiate further upside in the near future.
BNB price begins new rise
After closing above the $675 level, BNB price started a new rally similar to Ethereum and Bitcoin. The bulls were able to push the price above the $680 and $700 resistance levels.
On the hourly chart of the BNB/USD pair, the pair broke above the main bearish trend line with resistance at $705. The pair has broken above the 50% Fib retracement level of the decline from the swing high of $761 to the low of $650.
The price is currently trading above $700 and the 100 hourly simple moving average. If there is another rally, the price could face resistance near the $720 level. This is close to the 61.8% Fib retracement level of the decline from the swing high of $761 to the low of $650.
The next resistance level is near the $735 level. A clear break above the $735 zone could push the price higher. In the aforementioned case, BNB price could try $750. A close above the $750 resistance could set the pace for a bigger move towards the $762 resistance. Any further rally may require a test of the $800 level in the near term.
Dip again?
If BNB fails to break through the $735 resistance level, further decline could begin. Initial support on the downside is near the $705 level. The next major support is around the $700 level.
The main support is at $675. If the price breaks below the $675 support, the price could fall towards the $662 support. Any further losses could trigger an even bigger decline towards the $650 level.
technical indicators
Hourly MACD – BNB/USD MACD is pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – $705 and $700.
Key resistance levels – $735 and $750.
