BNB’s price is holding steady above the $665 support level. At present, the price is indicating positive signals and might target more profits in the short term.
Main Takeaways:-
- BNB price is targeting to rebound from the $665 support level.
- At present, the price is trading under $675 and the 100-hourly simple moving average.
- On the hourly chart of BNB/USD (from Binance), the price moved above a downward trend line that was acting as resistance at $665.
- The pair must remain above the $660 level to begin another surge in the short term.
BNB Aims for a Stable Price Rise
BNB price stayed steady above $652, then began to rise again. It went past the $655 and $665 resistance points, similar to what happened with Ethereum and Bitcoin.
The price moved up nicely past the 23.6% Fibonacci level, which is part of the recent drop from $691 down to $653. Also, on the hourly chart of BNB/USD, the price broke above a downward trend line that was acting as resistance at $665.
At present, the price is trading under $675 and the 100-hourly simple moving average. The price could experience resistance near the $672 level on the upward trend. It is near the 50% Fib retracement level of the current drop from the $691 fluctuating high to the $653 low.
The next resistance is around $677. If the price clearly goes above that level, it could rise even more. In that case, BNB might reach $680. If it stays above $680, it could continue moving up toward $685. If the price keeps climbing, it might even test the $700 level soon.
Another Decline?
If BNB can not rise above the $675 resistance, its price might start going down again. The first place it could find support is around $665. If it drops further, the next strong support is near $662.The main support stands at $665. If there is a downward trend under the $655 support, the price could decline toward the $650 support. Any more losses could start a bigger drop toward the $642 level.
Technical Indicators
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is presently above the 50 level.
Hourly MACD (Moving Average Convergence Divergence) – The MACD for BNB/USD is increasing pace in the bullish zone.
• $662 and $655 – Major Support Levels
• $672 and $680 – Major Resistance Levels
Read also:- ETH Price Slips After Recent Rally – Where Could It Head Next?
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