Currently, the BNB price is holding steady above the $675 support level, indicating potential for further growth. It may attempt to break through the resistance at $700 in its next upward movement.
- BNB price is struggling to settle above the $700 pivot zone.
- The price is now trading below $700 and the 100-hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $695 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $680 level to start another increase in the near term.
BNB Price Holds Support
Following a dip, the price of BNB stabilized around $675. Similar to Ethereum and Bitcoin, it’s currently regaining its lost value. A notable increase took place, surpassing the $685 mark.
In simpler terms, the price climbed back above the 23.6% Fibonacci retracement point from the peak of $745 to the low of $674 in the downward trend, and it also surpassed a bearish trend line with resistance at $695 on the hourly chart for BNB/USD.
Currently, the price is dipping below $700 and aligning with the 100-hour moving average. If a new rise occurs, the price might encounter resistance around the $700 mark. The next potential barrier could be at either the $710 level or the 50% Fibonacci retracement point of the decline from the $745 peak to the $674 trough.
If BNB surpasses the $710 mark, it could potentially rise to reach around $725. Should it break through the $725 barrier (resistance), this could initiate a more significant climb towards the $740 resistance. Any further increases may prompt a trial of the $750 level in the immediate future.
Another Dip?
Should BNB not manage to surpass the $710 barrier, there’s a possibility of another drop. A potential initial floor for this descent could be around the $685 mark. Further down, significant support might be found at approximately $675.
If the key support level of $650 gets breached on the downside, the price might fall towards the next support at $642. Further declines could potentially trigger a larger drop heading towards the $625 mark.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $685 and $675.
Major Resistance Levels – $700 and $710.
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2025-01-09 08:10