BNB is currently consolidating around the $700 support level. While there are some bearish signals, bullish momentum remains strong near the $672 support level.

BNB is facing challenges in surpassing the $720 resistance level.
The price has dipped below $700 and the 100-hourly simple moving average.
Recently, a key bullish trend line was broken with support at $696 on the hourly chart of the BNB/USD pair (data sourced from Binance).
To trigger another upward movement, the pair must hold above $672 in the short term.

BNB Price Finds Stability

Following a notable surge, BNB struggled to sustain levels above $705 and retraced from the $703 peak, similar to movements in Ethereum and Bitcoin.

The price dropped below the $695 support zone and broke the bullish trend line at $696 on the hourly chart of the BNB/USD pair. It is now approaching the 50% Fibonacci retracement level of the upward swing from $664 to $703.

Currently, the price is below $700 and the 100-hourly simple moving average. In case of an upward movement, resistance is likely near $692 and then $696.

If BNB surpasses the $696 level, a further uptrend is possible with a target of $700, followed by potential resistance at $720 and $732.

Potential Downward Movement

If BNB fails to break above $696, a downside correction may commence. Initial support is at $685, followed by a key level at $680.

The major support level remains at $672, representing the 76.4% Fibonacci retracement level of the recent upward move. If the price drops below $685, further declines could lead to a test of the $675 support.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is showing bullish momentum.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below 50.

Key Support Levels – $685 and $672.

Key Resistance Levels – $696 and $700.

The post Price of BNB Holds Steady Under $700: Could a Rally be Approaching? appeared first on Crypto Breaking News.

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Filed under: News - @ January 23, 2025 5:31 am