The BNB price is gaining rapidly above the $700 zone. The price is showing positive signs and could aim for a move above the USD 735 resistance.
- BNB price started a new increase from the USD 650 support zone.
- The price is now trading above $700 and the 100-hour moving average.
- There was a break above a key bearish trendline with resistance at $705 on the hourly chart of the BNB/USD pair (Binance data source).
- The pair needs to remain above the $700 level to rise again in the near term.
BNB price starts new increase
After closing above the $675 level, BNB price started a new increase, just like Ethereum and Bitcoin. The bulls were able to pump the price above the USD 680 and USD 700 resistance levels.
There was a break above a key bearish trendline with resistance at $705 on the hourly chart of the BNB/USD pair. The pair surpassed the 50% Fib retracement level on the downside move from the $761 swing high to the $650 low.
The price is now trading above $700 and the 100-hour moving average. If a new increase occurs, the price may encounter resistance near the $720 level. It is close to the 61.8% Fib retracement level of the downward move from the $761 swing high to the $650 low.
The next resistance is near the $735 level. A clear move above the $735 zone could send the price higher. In the said case, BNB price could test $750. A close above the USD 750 resistance could set the pace for a bigger move towards the USD 762 resistance. Further gains could require a test of the $800 level in the near term.
Another dive?
If BNB fails to clear the USD 735 resistance, it could trigger another decline. The initial downside support is near the $705 level. The next major support is near the $700 level.
The main support is at $675. If there is a downside break below the USD 675 support, the price could fall towards the USD 662 support. Any further losses could trigger a bigger decline towards the $650 level.
Technical indicators
Hourly MACD – The MACD for BNB/USD is gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – USD 705 and USD 700.
Major resistance levels – $735 and $750.