BNB Price Finds Its Footing — Can Bulls Ignite the Next Leg Up?

BNB price is consolidating above the $640 support zone. The price is now showing positive signs and might aim for more gains in the near term.

• BNB price is attempting to recover from the $640 support zone.
• The price is now trading above $655 and the 100-hourly simple moving average.
• There was a break above a connecting bearish trend line with resistance at $652 on the hourly chart of the BNB/USD pair (data source from Binance).
• The pair must stay above the $642 level to start another increase in the near term.

BNB Price Eyes Upside Break

After forming a base above the $642 level, BNB price started a fresh increase. There was a move above the $650 and $655 resistance levels, like Ethereum and Bitcoin.

There was a decent move above the 50% Fib retracement level of the recent decline from the $671 swing high to the $642 low. Besides, there was a break above a connecting bearish trend line with resistance at $652 on the hourly chart of the BNB/USD pair.

The price is now trading above $655 and the 100-hourly simple moving average. On the upside, the price could face resistance near the $660 level. It is close to the 61.8% Fib retracement level of the recent decline from the $671 swing high to the $642 low.

The next resistance sits near the $670 level. A clear move above the $670 zone could send the price higher. In the stated case, BNB price could test $678. A close above the $678 resistance might set the pace for a larger move toward the $685 resistance. Any more gains might call for a test of the $700 level in the near term.

Another Decline?

If BNB fails to clear the $660 resistance, it could start another decline. Initial support on the downside is near the $652 level. The next major support is near the $650 level.

The main support sits at $642. If there is a downside break below the $642 support, the price could drop toward the $630 support. Any more losses could initiate a larger decline toward the $620 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 above the 50 level.

Major Support Levels – $650 and $642.

Major Resistance Levels – $660 and $670.

Source