The price of BNB is currently stabilizing above the key support level of $620, indicating potential for a rebound. Market activity shows that BNB may be poised to attempt a rise past the $675 resistance threshold as it tries to regain momentum.
Despite recent upward moves, BNB struggles to maintain stability above the $700 pivot. Presently, the trading price lingers below $680 while also being under the 100-hour simple moving average. A significant bearish trend line is forming, placing resistance at $675 on the hourly chart of the BNB/USD pair. To encourage a price increase in the short term, it is crucial for BNB to hold above the support level of $640.
Having recently undergone a correction, BNB found its footing at $620 and has started to recover in line with other major cryptocurrencies like Ethereum and Bitcoin . Before encountering selling pressure around $695, BNB managed to push through the $675 level. However, declines followed as the price dipped below both the $680 and $675 levels. This drop has taken it beneath the 50% Fibonacci retracement level of the rally from the swing low of $619 to the high of $693, with the bearish trend line now in play.
If BNB executes a fresh upward movement, resistance will likely emerge again near the $675 line. Should the price successfully clear the $692 level, the potential exists for a test of the $705 resistance. A sustained close above $705 could further accelerate momentum towards the $720 level, with additional gains potentially propelling BNB closer to $735.
Conversely, if BNB fails to surpass the $675 resistance, a decline may ensue. Immediate support is seen around $640, with significant support at $625 and the main support level at $620. Should there be a breach below $620, it could lead to a further drop towards $612, potentially signaling a larger downturn toward the $600 level. Technical indicators suggest weakness, as the MACD indicates a slowdown in bearish momentum, while the Relative Strength Index remains just above the neutral level of 50.
