BNB price is breaking through the support level of $650. The current price shows positive signs and is expected to rise further in the short term.
BNB price is attempting to recover from the $620 support area.
The current price is above $655 and the 100-hour simple moving average.
A key contracting triangle is forming on the hourly chart of the BNB/USD pair, with resistance at $662 (data sourced from Binance).
The currency pair must stay above $655 to start rising again in the short term.
BNB price is expected to rise further.
After bottoming out above $620, the BNB price began a new rally. Similar to Ethereum and Bitcoin, the BNB price broke through the resistance levels of $645 and $650.
The price even surged above $660. After reaching a high of $666, the price experienced a downward correction. The price fell below the 50% Fibonacci retracement level of the upward move from the $650 swing low to the $666 swing high.
The current price is above $655 and the 100-hour simple moving average. On the upside, the price may face resistance around $662. A key contracting triangle is forming on the hourly chart of the BNB/USD currency pair, with resistance at $662.
The next resistance level is around $665. A significant breakout above the $665 area could push the price higher. In this case, the BNB price may test $672. If the closing price breaks above the $672 resistance, it may lay the groundwork for further challenges at the $680 resistance level. If it continues to rise, it may test the $700 resistance level in the short term.
Another decline?
If BNB fails to break through the $662 resistance, it may trigger a new round of declines. On the downside, the initial support level is around $655, along with the 61.8% Fibonacci retracement level of the upward move from the $650 low to the $666 high. The next main support level is around $650.
Main support level at $644. If the price breaks below the $644 support level, it may drop towards the $632 support level. Further declines may trigger a larger drop towards $620.
Technical indicators
Hourly MACD - The MACD for BNB/USD is accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BNB/USD is currently above the 50 level.
Main support levels - $655 and $650.
Main resistance levels - $662 and $665.
