As a seasoned analyst with years of experience in the crypto market, I see the BNB price as currently consolidating, attempting to break above the $635 resistance level. My analysis suggests that BNB has been on a rollercoaster ride lately, struggling to keep up with its peers like Ethereum and Bitcoin, but it’s holding strong above the crucial support at $600.
The BNB price found it difficult to surpass the barrier at $665. Currently, it’s holding steady, potentially preparing for another upward push beyond the $635 mark.
- BNB price started a downside correction from the $665 resistance zone.
- The price is now trading below $640 and the 100-hourly simple moving average.
- There is a connecting bullish trend line forming with support at $620 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $600 level to start another increase in the near term.
BNB Price Holds Support
Following a rise above the $620 mark, the BNB price continued to climb higher. Yet, growth was restricted beyond $660, with the price reaching a ceiling that other cryptocurrencies like Ethereum and Bitcoin did not experience.
Initially, the price dipped below both $632 and $620, but it’s currently maintaining its growth above $600. The lowest point was reached at $616, and now the price is stabilizing close to the 23.6% Fibonacci retracement level of the decline that started from the peak of $661 down to the trough of $616.
Currently, the price for this pair is dipping under $620 and aligning below its 100-hour moving average. Additionally, a potential upward trend line is being formed on the hourly chart of the BNB/USD pair, offering support at $620.
As a crypto investor, if I notice a fresh surge in the price, I’d anticipate potential resistance around the $626 mark. The next significant hurdle might be near the $638 level or the 50% Fibonacci retracement level of the downward swing from the $661 high to the $616 low. A decisive break above the $638 zone could potentially propel the price upward.
In this particular situation, the BNB price may reach around $650. If it manages to break through the current resistance at $650, it could pave the way for a larger advance, potentially targeting the next resistance at $665. Any further increases might prompt a challenge of the $680 mark in the short term.
More Losses?
If BNB doesn’t manage to surpass the $638 barrier, there may be a renewed drop. Should this happen, initial support might be found around $620, including the trendline. A more substantial support could be at approximately $615.
If the price falls below the $600 level serving as our primary support, it might lead to a further decrease in value, potentially dropping to the next support at $585. Further declines beyond that could trigger a more significant drop towards the $565 region.
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 below the 50 level.
Major Support Levels – $620 and $615.
Major Resistance Levels – $638 and $650.
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2024-11-15 08:10