BNB price started a recovery wave from the 0 support. The price is now consolidating and facing hurdles near the 5 and 2 levels.
- BNB price started a decent upward move from the 0 support zone.
- The price is now trading above 5 and the 100-hourly simple moving average.
- There is a short-term rising channel forming with support at 8 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if there is a close above the 5 resistance.
BNB Price Aims Higher
In the past few days, BNB price saw a steady decline from the 2 resistance, like Ethereum and Bitcoin. There was a drop below the 5 support and 0. Finally, the bulls appeared near 0.
A low was formed at 0.8 and the price recently started a recovery wave. There was a move above the 5 and 5 resistance levels. The price surpassed the 61.8% Fib retracement level of the downward move from the 3 swing high to the 0 low. There is also a short-term rising channel forming with support at 8 on the hourly chart of the BNB/USD pair.
The price is now trading above 5 and the 100-hourly simple moving average. Immediate resistance is near the 3 level or the 76.4% Fib retracement level of the downward move from the 3 swing high to the 0 low. The next resistance sits near the 5 level.
A clear move above the 5 zone could send the price higher. In the stated case, BNB price could test 2. A close above the 2 resistance might set the pace for a larger increase toward the 0 resistance. Any more gains might call for a test of the 2 level in the coming days.
Another Decline?
If BNB fails to clear the 5 resistance, it could start another decline. Initial support on the downside is near the 8 level and the channel’s trend line.
The next major support is near the 2 level. The main support sits at 5. If there is a downside break below the 5 support, the price could drop toward the 0 support. Any more losses could initiate a larger decline toward the 2 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – 2 and 5.
Major Resistance Levels – 5 and 2.