Oh, dear! The BNB price has been correcting its gains from the $708 zone and now faces hurdles near $692. It may dip again toward the $675 support. How vexing!
- The BNB price is attempting to recover from the $675 support zone, but alas, it seems to be a Herculean task.
- The price is now trading below $690 and the 100-hourly simple moving average, much to our dismay.
- There is a key bearish trend line forming with resistance at $692 on the hourly chart of the BNB/USD pair (data source from Binance). Oh, bother!
- The pair must stay above the $680 level to start another increase in the near term, or we shall be left in the lurch.
BNB Price Faces Hurdles, Much to Our Chagrin
After a steady increase, the BNB price failed to clear the $710 zone, unlike Ethereum and Bitcoin. The price even dipped below $678 and tested $675. A low was formed at $674, and the price is now attempting to recover. There was a move above $680, but the bears are active near $692. There is also a key bearish trend line forming with resistance at $692 on the hourly chart of the BNB/USD pair. The price is now trading below $690 and the 100-hourly simple moving average.
On the upside, the price could face resistance near the $692 level. The next resistance sits near the $695 level or the 61.8% Fib retracement level of the downward move from the $707 swing high to the $674 low. A clear move above the $695 zone could send the price higher, but will it be enough to catch up to the altcoins?
In the stated case, BNB price could test $708, but any more gains might call for a test of the $720 resistance. A close above the $708 resistance might set the pace for a larger move toward the $732 level in the near term. However, will it be enough to keep up with the altcoins? Only time will tell!
Another Decline? Oh, the Horror!
If BNB fails to clear the $692 resistance, it could start another decline. Initial support on the downside is near the $682 level, but the next major support is near the $680 level. The main support sits at $674, and if there is a downside break below the $674 support, the price could drop toward the $665 support. Any more losses could initiate a larger decline toward the $650 level, leaving us all in a tizzy.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone, but will it be enough to save the day?
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level, much to our dismay.
Major Support Levels – $685 and $680.
Major Resistance Levels – $692 and $708.
Read More
- Silver Rate Forecast
- Black Myth: Wukong minimum & recommended system requirements for PC
- Gold Rate Forecast
- USD CNY PREDICTION
- Former SNL Star Reveals Surprising Comeback After 24 Years
- Grimguard Tactics tier list – Ranking the main classes
- Arknights celebrates fifth anniversary in style with new limited-time event
- Gods & Demons codes (January 2025)
- Maiden Academy tier list
- PUBG Mobile heads back to Riyadh for EWC 2025
2025-07-16 09:08