BNB Steadies Above Support: Will Bullish Momentum Return?
BNB worth is consolidating above the $620 assist zone. The worth is consolidating and would possibly purpose for a contemporary enhance above the $675 resistance.
- BNB worth is struggling to settle above the $700 pivot zone.
- The worth is now buying and selling under $680 and the 100-hourly easy transferring common.
- There’s a key bearish pattern line forming with resistance at $675 on the hourly chart of the BNB/USD pair (knowledge supply from Binance).
- The pair should keep above the $640 degree to start out one other enhance within the close to time period.
BNB Worth Holds Assist
After a draw back correction, BNB worth discovered assist at $620. It’s now recovering losses like Ethereum and Bitcoin. There was a transfer above the $675 degree earlier than the bears appeared at $695.
There was a transfer under the $680 and $675 ranges. The worth declined under the 50% Fib retracement degree of the restoration wave from the $619 swing low to the $693 excessive. There may be additionally a key bearish pattern line forming with resistance at $675 on the hourly chart of the BNB/USD pair.
The worth is now buying and selling under $675 and the 100-hourly easy transferring common. Nevertheless, the bulls at the moment are lively close to the 76.4% Fib retracement degree of the restoration wave from the $619 swing low to the $693 excessive.
If there’s a contemporary enhance, the worth might face resistance close to the $675 degree and the pattern line. The following resistance sits close to the $692 degree. A transparent transfer above the $692 zone might ship the worth increased. Within the said case, BNB worth might take a look at $705.
An in depth above the $705 resistance would possibly set the tempo for a bigger transfer towards the $720 resistance. Any extra features would possibly name for a take a look at of the $735 degree within the close to time period.
One other Dip?
If BNB fails to clear the $675 resistance, it might begin one other decline. Preliminary assist on the draw back is close to the $640 degree. The following main assist is close to the $625 degree.
The principle assist sits at $620. If there’s a draw back break under the $620 assist, the worth might drop towards the $612 assist. Any extra losses might provoke a bigger decline towards the $600 degree.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is shedding tempo within the bearish zone.
Hourly RSI (Relative Energy Index) – The RSI for BNB/USD is presently above the 50 degree.
Main Assist Ranges – $640 and $620.
Main Resistance Ranges – $675 and $692.
