BNB Bulls: A Comedy of Errors and Gains 🤑

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Amidst the bustling market, BNB price, like a young nobleman at a grand ball, has begun to dance above the $650 support zone. The air is filled with positive omens, and whispers of further gains are on the lips of many.

  • BNB price, after a brief sojourn at the $620 support zone, has decided to rise once more, much to the delight of its admirers.
  • The price, now gracefully trading above $655 and the 100-hourly simple moving average, seems to have found its footing.
  • A key contracting triangle, with resistance at $662, is forming on the hourly chart of the BNB/USD pair, as if nature itself is setting the stage for a grand performance.
  • To continue its ascent, the pair must remain steadfast above the $655 level, a challenge that seems as daunting as a duel at dawn.

After a period of contemplation above the $620 level, BNB price, like a knight returning from a distant quest, embarked on a fresh journey. It ascended above the $645 and $650 resistance levels, much to the envy of its peers, Ethereum and Bitcoin.

The price, in a moment of boldness, surged past the $660 level, reaching a high of $666 before a slight retreat. The price dipped below the 50% Fib retracement level of the upward move from the $650 swing low to the $666 swing high, a moment of hesitation in an otherwise gallant tale.

Now, BNB price, like a seasoned actor, is trading above $655 and the 100-hourly simple moving average. On the horizon, it may face resistance near the $662 level, where a key contracting triangle with resistance at $662 on the hourly chart of the BNB/USD pair awaits.

The next resistance lies near the $665 level. Should BNB price manage to breach this barrier, it could ascend to the $672 level, and perhaps even challenge the $680 resistance. A successful conquest of the $672 resistance might pave the way for a grander adventure toward the $700 level in the near term.

Another Decline?

However, if BNB fails to clear the $662 resistance, it might find itself in a less favorable position. Initial support on the downside is near the $655 level and the 61.8% Fib retracement level of the upward move from the $650 swing low to the $666 swing high. The next major support is near the $650 level.

The main support, a crucial point in this narrative, sits at $644. Should the price break below this level, it could descend toward the $632 support. Any further losses might lead to a more significant decline toward the $620 level, a fate that no nobleman wishes to face.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is gaining momentum in the bullish zone, a sign of strength and resolve.

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

Major Support Levels – $655 and $650.

Major Resistance Levels – $662 and $665.

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2025-07-08 08:12