The BNB price is expected to rise again.
After forming a base above $600, the BNB price started a new round of increase. It broke through the resistance levels of $620 and $650. It even surged above $700, surpassing Ethereum and Bitcoin.
The price once reached a high of $732, but has recently experienced a downward correction. The price fell below the support level of $700. The price has fallen below the 23.6% Fibonacci retracement level of the upward move from the swing low of $596 to the high of $732.
The current price is trading above $650 and the 100-hour simple moving average. A key bullish trend line has also formed on the hourly chart of the BNB/USD pair, with support at $660. This trend line is close to the 50% Fibonacci retracement level of the upward move from the swing low of $596 to the high of $732.
If a new rise occurs, the price may face resistance around $700. The next resistance level is near $720. If the price clearly breaks through the $720 area, it could push the price higher.
Under the above circumstances, the BNB price may test $732. A close above the resistance level of $732 may set the stage for further moves towards the resistance level of $750. If it continues to rise, it may need to test the $800 level in the short term.
Another decline?
If BNB fails to break through the resistance level of $700, it may decline again. The initial support level on the downside is around $665. The next major support level is near $650.
The main support level is at $635. If the support level of $635 is broken, the price may drop towards the support level of $620. Any further decline could lead the price down to the $600 level.