BNB’s price faced challenges in surpassing the $665 resistance zone and is currently consolidating, possibly preparing for a renewed ascent beyond the $635 level.
After reaching above $620, BNB’s price attempted to extend its gains but found itself capped above $660. This contrasted with the performance seen in Ethereum and Bitcoin. Subsequent movements saw the price dip below $632 and $620, yet it managed to hold above $600, forming a low at $616. The price is now consolidating close to the 23.6% Fib retracement level, stemming from a high of $661 to a low of $616.
Currently trading below $620 and the 100-hourly simple moving average, a bullish trend line is emerging with support at $620 on the hourly chart of the BNB/USD pair. Should the price attempt an upward move, it may encounter resistance around the $626 mark. Following this, additional resistance could present itself near $638, aligning with the 50% Fib retracement level from the aforementioned high to low range. A definitive push beyond the $638 resistance could potentially propel the price towards $650. Securing a position above $650 might pave the way to the significant $665 resistance, with further gains possibly aiming for the $680 level in the short term.
However, failing to breach the $638 resistance could trigger another downturn. Initial support is noted around $620 and the supporting trend line, with the next significant support level being $615. The principal support stands at $600. A dip below this threshold could lead to a decline towards $585, with any additional losses potentially driving the price down to $565.
Technical indicators suggest that the hourly MACD for BNB/USD is losing momentum in the bullish zone, while the hourly RSI (Relative Strength Index) for BNB/USD is currently positioned below the 50 level. Key support levels are identified at $620 and $615, whereas major resistance levels are situated at $638 and $650.
