BNB is currently on an upswing after recovering from its recent lows around the $635 support level. The price is gradually climbing and appears to be targeting the $700 resistance. However, it faces challenges in overcoming the $685 resistance barrier.
At present, BNB is trading above $675, supported by the 100-hourly simple moving average. A significant development in the hourly chart indicates a break above a crucial bearish trend line with resistance at $674 for the BNB/USD trading pair. To maintain this positive momentum, the price must remain above the $668 level, which is essential for initiating further increases in the near future.
Despite the gains, BNB faced difficulties in sustaining levels above $700. After reaching a peak of $691, a pullback ensued, similar to trends observed in both Ethereum and Bitcoin . Following a decline below the $685 support and even dipping below $650, the price established a low at $637. Recently, however, there has been a substantial recovery, with the price climbing above $650 and successfully moving beyond the 50% Fibonacci retracement level of the downturn from the $691 high to the $637 low.
If the upward trajectory continues, BNB may encounter resistance near the $685 level. Should it navigate past this hurdle, the next significant resistance appears at around $692. A decisive breakout above $692 could potentially propel the price toward the $700 range, and sustained trading beyond $700 may lead to a more pronounced rise towards the $720 level, with a subsequent target of $732.
Conversely, if the resistance at $685 proves insurmountable, BNB may initiate a downturn. Initial support on this downside is identified at $675, with more substantial support levels at $668 and $655. Should BNB fall below $655, it risks further decline down to the $635 support area, potentially leading to a dip towards $620.
Currently, technical indicators suggest a bullish momentum for BNB, with the MACD gaining strength in the positive zone and the RSI positioned above 50, highlighting the prevailing upward trend.
