BNB Price Targets $650 Amid Renewed Market Optimism
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BNB price is consolidating above the $605 support zone. The price is now showing positive signs and might aim for more gains in the near term.
BNB price is attempting to recover from the $600 support zone.
The price is now trading above $612 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support near $622 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $612 level to start another increase in the near term.
BNB Price Eyes More Gains
After forming a base above the $600 level, BNB price started a fresh increase. There was a move above the $605 and $612 resistance levels, like Ethereum and Bitcoin.
The bulls even pushed the price above the $625 level. A high was formed at $629 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent wave from the $597 swing low to the $629 high.
The price is now trading above $622 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support near $622 on the hourly chart of the BNB/USD pair.
On the upside, the price could face resistance near the $628 level. The next resistance sits near the $630 level. A clear move above the $630 zone could send the price higher. In the stated case, BNB price could test $642. A close above the $642 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $655 level in the near term.
Another Decline?
If BNB fails to clear the $630 resistance, it could start another decline. Initial support on the downside is near the $622 level. The next major support is near the $620 level.
The main support sits at $612 and the 50% Fib retracement level of the recent wave from the $597 swing low to the $629 high. If there is a downside break below the $612 support, the price could drop toward the $605 support. Any more losses could initiate a larger decline toward the $600 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $622 and $612.
Major Resistance Levels – $630 and $642.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
