BNB Price Poised for Gains: Bulls Push for New Highs
BNB price is consolidating above the $700 support zone. The price is consolidating and might aim for a fresh increase above the $720 resistance.
BNB price is struggling to clear the $720 resistance zone.
The price is now trading above $700 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $700 level to start another increase in the near term.
BNB Price Aims Higher
After a downside correction, BNB price found support at $690. It is now recovering losses like Ethereum and Bitcoin. There was a move above the $700 level.
The bulls were able to push the price above the $712 resistance. However, the bears are active near the $720 zone. A high was formed at $717 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $689 swing low to the $717 high.
The price is now trading above $700 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at $708 on the hourly chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $718 level. The next resistance sits near the $720 level. A clear move above the $720 zone could send the price higher. In the stated case, BNB price could test $732. A close above the $732 resistance might set the pace for a larger move toward the $740 resistance. Any more gains might call for a test of the $750 level in the near term.