The BNB price is holding steady above the $700 support level, indicating a potential rise towards the $720 resistance in the near future.
- BNB price is struggling to clear the $720 resistance zone.
- The price is now trading above $700 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $708 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 Aims Higher
Following a dip where it found stability, the BNB price has rebounded, much like Ethereum and Bitcoin, with a surge surpassing the $700 mark.
In simpler terms, the bulls managed to drive the price beyond the $712 barrier, but the bears are presently active around the $720 area. The peak reached was at $717, and now the price is holding steady after consolidating its gains above the 23.6% Fibonacci retracement level from the price drop between $689 low to the $717 high.
Currently, the price has surpassed $700 and lies above its 100-hour moving average. Additionally, a significant uptrend line is taking shape on the hourly chart for the BNB/USD pair, offering support at approximately $708.
If the price experiences further growth, it may encounter resistance around the $718 mark. Following this, the next potential resistance is at approximately $720. Should the price manage to surpass the $720 area, it might continue upward movement. In such a scenario, the BNB price could attempt to reach $732. A successful break above the $732 resistance could initiate a larger advance toward the $740 level. Any additional growth could lead to a near-term test of the $750 mark.
Another Dip?
If BNB doesn’t manage to surpass the $720 barrier, there might be a new drop in prices. A potential first line of defense can be found around $708 along with the trendline, and the subsequent significant support lies at approximately $703.
The primary backing holds steady around $700 or the 61.8% Fibonacci retracement point of the uptrend that originated from the $689 low and peaked at $717. If this support is breached on the downside, we might see a price decrease towards the secondary support at $692. Further losses could potentially trigger a more substantial decline, taking us to around $685.
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 above the 50 level.
Major Support Levels – $708 and $700.
Major Resistance Levels – $720 and $732.
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2025-01-17 08:12