The price of BNB is showing signs of recovery after stabilizing around the $630 support level, with potential to approach the $680 resistance.
Recently, BNB price has improved past the $650 resistance level. However, it remains below $660 and the 100-hour simple moving average. The hourly chart of the BNB/USD pair, based on data from Binance, indicates a bearish trend line forming, with resistance at $655. For any short-term upward movements, the pair needs to maintain its position above $650.
Following its stabilization above $630, BNB's price initiated an upward trend, surpassing the $635 and $640 resistance levels. It even climbed above $650, outperforming Ethereum and Bitcoin. This recovery moved past the 50% Fibonacci retracement of the decline from the $682 high to the $630 low. However, resistance persists around the $655 and $660 levels, with a bearish trend line resistance at $655 on the hourly BNB/USD chart.
Currently below $660 and the 100-hour simple moving average, a renewed upward trend might confront resistance near $655. Additional resistance is expected around $660, aligning with the 61.8% Fibonacci retracement level of the aforementioned decline at $662.
Breaching the $662 resistance could propel BNB's price higher, potentially testing the $680 mark. A breakthrough above $680 may pave the way for a larger upward movement toward $700, with further gains possibly targeting $720 in the near term.
Should BNB not surpass the $662 resistance, the price might see another downturn. Immediate support lies around $650, with further substantial support near $642. The primary support level remains $630. A break below this could cause the price to depreciate towards $612, leading potentially to a decline near the $600 threshold.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.