BNB Price Aims for Recovery: Will It Rebuild Momentum and Surge Again?

The price of BNB is stabilizing above the $665 support level. Currently, it indicates positive momentum and may be poised for further gains shortly.

• BNB is trying to rebound from the $655 support level.
• Trading occurs below $675 and under the 100-hour simple moving average.
• A breakout occurred above a declining trend line, which had resistance at $665, on the hourly chart for the BNB/USD pair.
• Maintaining a position above $660 is crucial for potential upward movement in the near future.

BNB Price Targets Steady Growth

Following the establishment of a support base over the $652 mark, BNB initiated a new upward trend. It successfully surpassed the resistance points at $655 and $665, similar to trends seen in Ethereum and Bitcoin.

Notably, there was a significant rise past the 23.6% Fibonacci retracement level concerning the recent drop from the $691 peak to the $653 lowest point. Furthermore, the price rose above a declining trend line with resistance at $665 noted on the hourly chart of the BNB/USD pair.

Currently, the price is positioned below $675 and the 100-hour simple moving average. Resistance may emerge near the $672 area, which aligns with the 50% Fibonacci retracement level derived from the recent decline between the $691 high and the $653 low.

The following resistance level is around $677. A significant move above this zone could propel prices higher. In that scenario, BNB may reach around $680. Closing above this resistance could set the stage for a potential rise toward $685. Further gains might attract attention towards the $700 target in the near future.

Potential for a Downturn?

If BNB struggles to surpass the $675 resistance, a decline may follow. The initial support level below is around $665. Subsequent major support can be found at approximately $662.

The primary support level is located at $655. Should the price break below this support, it may fall to the $650 level. Any additional losses could trigger a more substantial decline toward the $642 mark.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is strengthening in the positive territory.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently positioned above the 50 mark.

Key Support Levels – $662 and $655.

Key Resistance Levels – $672 and $680.