As a seasoned crypto investor with a knack for technical analysis, I find myself intrigued by the current BNB price action. The consolidation near the $640 zone is a familiar dance, one that we’ve seen many times before. The price holding the $625 support is reassuring, but the resistance at $660 remains a formidable obstacle.
The BNB price is stabilizing around the $640 area. It’s currently being supported by the $625 level, suggesting a potential breakthrough above the $660 barrier.
- BNB price started a downside correction from the $685 resistance zone.
- The price is now trading below $650 and the 100-hourly simple moving average.
- There is a key declining channel forming with resistance at $660 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $625 level to start another increase in the near term.
BNB Price Holds Support
Following a rise above the $640 mark, the BNB price continued to climb. Yet, advancements beyond $685 were restricted, while the price was held in check compared to Ethereum and Bitcoin at that point.
The price dipped below both $666 and $650, but it has since managed to maintain its growth beyond the $625 mark. A minimum was reached at $626, and currently, the value is stabilizing above the 23.6% Fibonacci retracement level from the peak at $676 to the trough at $626.
Currently, the price has dropped below $650 and aligns with the 100-hour moving average. If there’s a new rise in price, it might encounter resistance around the $650 region. This level is also close to the 50% Fibonacci retracement point of the downward trend from the peak at $676 to the trough at $626.
In simpler terms, if you’re looking at the Binance Coin (BNB) price against the US Dollar, the next significant barrier is around the $660 mark. Additionally, there appears to be a notable downward trend line on the hourly chart, with $660 serving as its resistance point. A decisive break above this level could potentially propel the price upward.
In this particular scenario, the BNB rate may reach approximately $676. If it manages to break through the $676 barrier, it could indicate further movement towards the $685 resistance. Any additional increases might prompt a challenge at the $700 mark in the short term.
More Losses?
If BNB doesn’t manage to surpass the $660 barrier, there might be a new drop in price. The first potential floor for this downtrend could be around $632. A more significant support level lies at approximately $625.
Should the main support at $615 be breached on a downward trend, the price may fall towards the $600 support. Further decreases could trigger a more significant drop, potentially reaching the $588 level.
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 below the 50 level.
Major Support Levels – $632 and $625.
Major Resistance Levels – $650 and $660.
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2024-11-26 08:10