BNB Price Gathers Strength — Upside Potential Looms

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BNB price is gaining pace above the $632 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 below $632 and the 100-hourly simple moving average.
• There was a break above a bearish trend line with resistance at $625 on the hourly chart of the BNB/USD pair (data source from Binance).
• The pair must stay above the $632 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 $620 and $625 resistance levels, like Ethereum and Bitcoin.

There was a decent move above the 50% Fib retracement level of the recent decline from the $651 swing high to the $602 low. Besides, there was a break above a bearish trend line with resistance at $625 on the hourly chart of the BNB/USD pair.

The price is now trading below $632 and the 100-hourly simple moving average. It is also consolidating near the 76.4% Fib retracement level of the recent decline from the $651 swing high to the $602 low.

On the upside, the price could face resistance near the $644 level. The next resistance sits near the $650 level. A clear move above the $650 zone could send the price higher. In the stated case, BNB price could test $665. A close above the $665 resistance might set the pace for a larger move toward the $680 resistance. Any more gains might call for a test of the $700 level in the near term.

Another Decline?

If BNB fails to clear the $644 resistance, it could start another decline. Initial support on the downside is near the $635 level. The next major support is near the $632 level.

The main support sits at $625. If there is a downside break below the $625 support, the price could drop toward the $612 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 – $632 and $625.

Major Resistance Levels – $644 and $650.