TLDR
BNB price found strong support at $675 after a recent downward movement
Price broke above the bearish trend line at $695 on hourly charts
Currently trading below $700 and the 100-hour moving average
Next key resistance levels are at $710 and $725
Critical support levels remain at $685 and $675
BNB has shown remarkable resilience in recent trading sessions, establishing strong support at the $675 level after a period of downward pressure. The cryptocurrency’s price action indicates a potential recovery phase, with technical indicators suggesting possible upward momentum in the near term.
The digital asset recently underwent a correction from its swing high of $745, finding buyers eager to step in at the $675 support zone. This price level has proven to be a crucial foundation for BNB’s current market position, with multiple tests of this support being successfully defended by buyers.
In a notable technical development, BNB’s price chart showed a break above a bearish trend line at the $695 mark on the hourly timeframe. This breakthrough suggests that selling pressure may be waning, potentially setting the stage for a move toward higher levels.
The cryptocurrency has managed to reclaim ground above the 23.6% Fibonacci retracement level, calculated from the recent swing high of $745 to the low of $674. This technical achievement indicates that buyers are actively working to reverse the previous downward trend.
Currently, BNB is trading below the psychologically important $700 level and the 100-hour simple moving average. These levels represent immediate challenges that bulls must overcome to confirm a sustained recovery attempt.
The market structure suggests that if BNB can maintain its position above $680, it may have the foundation necessary to attempt another push higher. This level has become a short-term pivot point for traders watching the price action closely.
BNB Price on CoinGecko
Looking at potential upside targets, the $710 zone emerges as a key resistance level. This price point coincides with the 50% Fibonacci retracement level of the recent downward move, making it a technically important area for traders to monitor.
The hourly MACD indicator shows decreasing bearish momentum, while the Relative Strength Index (RSI) has moved above the 50 level, suggesting growing bullish sentiment in the short term.
Should BNB successfully break above $710, the next major resistance levels appear at $725 and $740. A decisive move above these levels could open the path toward the $750 mark, though this would require sustained buying pressure.
On the downside, traders should watch the $685 level as initial support, followed by the more established support at $675. These levels have proven important in recent price action and continue to serve as key areas of interest.
If selling pressure intensifies and BNB fails to hold these support levels, the next major support zone lies at $650. A break below this level could potentially lead to a test of $642, with $625 serving as a deeper support level.
The trading volume patterns suggest active market participation, with buyers and sellers actively competing at current price levels. This activity indicates healthy market engagement and potential for price movement in either direction.
Recent price action has been accompanied by increasing market depth, suggesting that both buyers and sellers are actively participating in price discovery at current levels.
Market data shows that order book depth has remained stable, indicating sustained trading interest despite recent price fluctuations.
The most recent hourly candles show consolidation above the $675 support level, with decreasing selling pressure and emerging signs of potential bullish momentum.
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