TLDR
- BNB price is recovering from the $600 support zone and broke above a bearish trend line at $625
- The cryptocurrency is currently trading below $632 and the 100-hourly moving average
- Technical indicators show bullish momentum with MACD gaining pace and RSI above 50
- Key resistance levels sit at $644 and $650, with potential targets at $665-$700 if broken
- Support levels are established at $635, $632, and $625, with $600 as the main base
BNB price has started showing recovery signals after establishing support above the $600 level. The cryptocurrency has broken through several resistance barriers in its recent trading session.
The token moved above the $620 and $625 resistance levels during its upward movement. This came after BNB formed a solid base above the $600 support zone, which acted as a launching point for the current recovery attempt.
Technical analysis reveals that BNB broke above the 50% Fibonacci retracement level of its recent decline. The decline measured from the $651 swing high down to the $602 low, making this breakout a key development for the price structure.
A bearish trend line that had been capping gains at $625 was also breached during this move. This breakout on the hourly chart suggests that selling pressure may be weakening in the short term.
Current Trading Position
BNB is currently trading below the $632 level and remains under the 100-hourly simple moving average. The price is consolidating near the 76.4% Fibonacci retracement level of the recent decline from $651 to $602.
This consolidation phase appears to be setting up the next directional move. The cryptocurrency needs to hold above current levels to maintain its recovery momentum.
The hourly MACD indicator is showing bullish momentum as it gains pace in the positive zone. The Relative Strength Index sits above the 50 level, which typically indicates buying pressure outweighing selling pressure.
Key Levels to Watch
On the upside, BNB faces immediate resistance at the $644 level. A break above this zone could open the path toward $650, which represents the next major hurdle.
If the cryptocurrency clears the $650 resistance zone, it could target $665 in the near term. A successful close above $665 might trigger a larger move toward the $680 resistance level.
Further gains beyond $680 could see BNB testing the $700 level. This would represent a complete recovery from the recent decline and potentially signal a new uptrend phase.
On the downside, initial support sits at $635. The next major support zone is located at $632, which aligns with the 100-hourly moving average.
The main support level remains at $625, where the former bearish trend line provided resistance. A break below this level could see the price decline toward $612.
If selling pressure intensifies, BNB could retest the $600 support zone. This level has proven crucial in the recent price action and represents the base of the current recovery attempt.
The cryptocurrency must maintain its position above $632 to continue building on its recent strength and target higher resistance levels in the coming sessions.
