Key Takeaways:
– BNB price failed to clear the resistance zone at $665, dipping below $640 and the 100-hourly moving average.
– Currently, BNB is consolidating with expectations of a fresh increase beyond the $635 level.
– There is a connective bullish trend line developing with support around $620 on the hourly chart.
– A rise above the $650 resistance might trigger a more significant surge towards the $665 resistance zone.
BNB Price Movement: A Closer Look
Recently, BNB price began a downward correction, faltering at the challenging $665 resistance zone. After reaching a high mark just short of that level, the price started slipping, falling under $640. Continued the downward trajectory, BNB price fell below the 100-hourly simple moving average.
Despite the correction, there’s a silver lining for this digital asset. BNB is forming a connective bullish trend line. This line, analyzed on the hourly chart, shows support at the $620 mark.
Maintained Momentum at $600 Zone
Post an increase surpassing the $620 level; the BNB price saw its raise extending. However, the price faced a cap above $660, remaining static contrary to fluctuations experienced recently by Ethereum and Bitcoin. Other digital currencies have seen significant movement, but BNB has struggled to sustain a sharp gain.
Even though there were dips below the $620 and $632 levels, BNB managed to hold the fort over the $600 level. At this level, it is consolidating near the 23.6% Fib retracement level of the descend from the $661 swing high to the $616 low.
Potential for Future Increase
If BNB sees another surge, the resistance it may encounter is near the $626 level. However, if the currency clears this, the next resistance could be around $638, close to the 50% Fib retracement level. If BNB builds momentum and breaks through the $638 zone with a strong move, it could trigger a push towards a higher level.
In such a scenario, there is a considerable chance that BNB price could test the $650 mark. A solid close above this resistance could be a game-changer, indicating a larger move ahead towards the pivotal $665 resistance. If the bullish trend persists, this could mean the arrival of the $680 level.
How Steep could the fall be?
There is, however, a downside to the current situation. If the BNB price fails to clear the $638 resistance, it might start a new decline. The initial support on the lower side lies near the $620 level and the significant support at $600. If BNB cannot retain its grip on the $600 support and slips under, a possible drop towards the $585 support could follow. Further losses could set the stage for a more drastic decline towards the $565.
In the world of cryptocurrency, it’s always a game of patience and resilience. Holding value amid fluctuation is key. With a robust connecting bullish trend line in place and prices consolidating, BNB could just be the next significant rally to watch out for in the digital asset market.
Technical Indicators:
Hourly MACD – The MACD for BNB/USD is easing in the bullish region.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is under the 50 level.
Major Support Levels – $620 and $615.
Major Resistance Levels – $638 and $650.
Will BNB retain its consolidation over $600, or is the next rally at the horizon? Only time will tell.