As a seasoned analyst with years of experience in the cryptocurrency market, I see BNB consolidating above the crucial support at $620, showing resilience like a phoenix rising from the ashes. The price action seems reminiscent of a game of ping-pong, bouncing off resistance levels only to be met by bears at key points.
The BNB price is holding steady above its $620 support level, potentially preparing to rise again and surpass the $675 resistance point.
- BNB price is struggling to settle above the $700 pivot zone.
- The price is now trading below $680 and the 100-hourly simple moving average.
- There is a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $640 level to start another increase in the near term.
BNB Price Holds Support
Following a dip, the value of BNB stabilized around $620. Similar to Ethereum and Bitcoin, it’s currently regaining its lost value. A surge surpassed the $675 mark, but sellers emerged at approximately $695.
The price dropped below both $680 and $675 support levels, falling beneath the 50% Fibonacci retracement level of the recovery wave from the $619 low to the $693 high. Additionally, a significant bearish trend line is emerging with resistance at $675 on the hourly chart for the BNB/USD pair.
As an analyst, I’m observing that the price is currently dipping below the $675 mark and the 100-hour simple moving average. Yet, there seems to be a surge of bullish activity around the 76.4% Fibonacci retracement level of the recovery wave, which stretches from the $619 swing low to the $693 high.
Should a new upward spike occur, the BNB price might encounter obstacles around the $675 mark and the trendline. Subsequently, another resistance can be found near the $692 level. If the price surpasses the $692 range significantly, it may continue to rise. In this scenario, it’s possible that the BNB price will reach as high as $705.
Moving just above the $705 barrier could initiate a stronger advance, potentially pushing prices up to the next resistance at $720. If prices continue to rise, they may challenge the $735 mark soon.
Another Dip?
Should BNB not manage to break through the $675 barrier, a potential new drop might ensue. On the lower end, an initial support could be found around the $640 mark. A more substantial support lies at approximately $625.
If the key support of $620 is broken, the price might fall towards the next support at $612. Further declines could trigger a more significant drop towards the $600 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 – $640 and $620.
Major Resistance Levels – $675 and $692.
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2024-12-23 08:10