BNB Price Poised for Takeoff: Will It Be The Next to Rally?

Aayush Jindal

7 months ago

2 mins read

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BNB price struggled to clear the $665 resistance zone. The price is consolidating and might aim for a fresh increase above the $635 level.

BNB price started a downside correction from the $665 resistance zone.
The price is now trading below $640 and the 100-hourly simple moving average.
There is a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $600 level to start another increase in the near term.

BNB Price Holds Support

After a close above the $620 level, BNB price extended its increase. However, upsides were limited above $660 and the price remained capped, unlike Ethereum and Bitcoin.

There was a move below the $632 and $620 levels. However, the price is now holding gains above the $600 level. A low was formed at $616 and the price is now consolidating near the 23.6% Fib retracement level of the downward move from the $661 swing high to the $616 low.

The price is now trading below $620 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair.

If there is a fresh increase, the price could face resistance near the $626 level. The next resistance sits near the $638 level or the 50% Fib retracement level of the downward move from the $661 swing high to the $616 low. A clear move above the $638 zone could send the price higher.

In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger move toward the $665 resistance. Any more gains might call for a test of the $680 level in the near term.

More Losses?

If BNB fails to clear the $638 resistance, it could start another decline. Initial support on the downside is near the $620 level and the trend line. The next major support is near the $615 level.

The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $565 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $620 and $615.

Major Resistance Levels – $638 and $650.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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