BNB Bulls Eye $750: Momentum Builds for a New Surge

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The BNB price is picking up speed, surpassing the $700 area. It appears to be trending positively, potentially targeting a breakthrough over the $735 resistance level.

  • BNB price started a fresh increase from the $650 support zone.
  • The price is now trading above $700 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
  • The pair must stay above the $700 level to start another increase in the near term.

BNB Price Starts Fresh Increase

Following a rise above the $675 mark, the price of BNB surged ahead, much like Ethereum and Bitcoin. The buyers successfully pushed the value beyond the hurdles at $680 and $700.

On the hourly chart for the BNB/USD pair, a significant jump occurred above a notable bearish trend line with a resistance point at $705. This leap also surpassed the halfway mark (50%) of the downward price action from the high of $761 to the low of $650.

Currently, the cost is being transacted above $700 and aligns with the 100-hour moving average. Should there be a new upward trend, the price may encounter resistance around the $720 mark. This level is close to the 61.8% Fibonacci retracement level of the downward plunge from the peak of $761 to the low of $650.

As an analyst, I find that the next significant resistance lies around the $735 mark. Breaking through this barrier could potentially propel the BNB price towards testing $750. A successful close above the $750 resistance might initiate a more substantial move towards the $762 resistance. Any further advancements could hint at approaching the $800 level in the immediate future.

Another Dip?

If BNB doesn’t manage to surpass the $735 threshold, there’s a possibility of another drop. A potential floor in this case might be around $705. The following significant support could be found at approximately $700.

As an analyst, I’m observing that the key support stands at roughly $675. A potential downside break below this point might trigger a fall in price towards the next support at around $662. Further declines could initiate a more significant drop towards the $650 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

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

Major Support Levels – $705 and $700.

Major Resistance Levels – $735 and $750.

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2024-12-12 08:10