Binance Coin (BNB) price is currently consolidating above the $620 support zone, showing signs of a potential fresh increase above the $675 resistance level. However, the price is struggling to settle above the $700 pivot zone and is now trading below $680 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $675 on the hourly chart of the BNB/USD pair, indicating that the pair must stay above the $640 level to start another increase in the near term.
After finding support at $620, BNB price is now recovering losses and has moved above the $675 level before facing resistance at $695. The price declined below the $680 and $675 levels, falling below the 50% Fib retracement level of the recovery wave from the $619 swing low to the $693 high. Although the price is currently trading below $675 and the 100-hourly simple moving average, the bulls are active near the 76.4% Fib retracement level of the recovery wave from the $619 swing low to the $693 high.
In the event of a fresh increase, the price could encounter resistance near the $675 level and the bearish trend line, with the next resistance level sitting near $692. A clear move above the $692 zone could push the price higher, potentially testing the $705 resistance level. A close above the $705 resistance might signify a larger move toward the $720 resistance, with further gains potentially leading to a test of the $735 level in the near term.
If BNB fails to clear the $675 resistance, it could see another decline, with initial support around the $640 level and the next major support level near $625. The primary support is at $620, and a break below this level could result in a drop toward the $612 support, potentially leading to a larger decline toward the $600 level. Technical indicators show that the MACD for BNB/USD is losing momentum in the bearish zone, while the RSI is currently above the 50 level.
In conclusion, Binance Coin (BNB) price is currently consolidating above the $620 support zone, with potential for a fresh increase above the $675 resistance level. However, the price is facing challenges in settling above the $700 pivot zone, and a failure to clear the $675 resistance could lead to another decline. Traders should keep an eye on key support and resistance levels to gauge the next potential moves for BNB price in the near term.
