BNB price is consolidating near the $640 zone. The price is holding the $625 support and might aim for a move above the $660 resistance.
BNB price started a downside correction from the $685 resistance zone.
The price is now trading below $650 and the 100-hourly simple moving average.
There is a key declining channel forming with resistance at $660 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $625 level to start another increase in the near term.
BNB Price Holds Support
After a close above the $640 level, BNB price extended its increase. However, upsides were limited above $685 and the price remained capped, unlike Ethereum and Bitcoin.
There was a move below the $666 and $650 levels. However, the price is now holding gains above the $625 level. A low was formed at $626 and the price is now consolidating above the 23.6% Fib retracement level of the downward move from the $676 swing high to the $626 low.
The price is now trading below $650 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $650 level. It is close to the 50% Fib retracement level of the downward move from the $676 swing high to the $626 low.
The next resistance sits near the $660 level. There is also a key declining channel forming with resistance at $660 on the hourly chart of the BNB/USD pair. A clear move above the $660 zone could send the price higher.
In the stated case, BNB price could test $676. A close above the $676 resistance might set the pace for a larger move toward the $685 resistance. Any more gains might call for a test of the $700 level in the near term.
More Losses?
If BNB fails to clear the $660 resistance, it could start another decline. Initial support on the downside is near the $632 level. The next major support is near the $625 level.
The main support sits at $615. If there is a downside break below the $615 support, the price could drop toward the $600 support. Any more losses could initiate a larger decline toward the $588 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $632 and $625.
Major Resistance Levels – $650 and $660.
