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BNB Bulls Eye $750: Momentum Builds for a New Surge

NewsBTCDec 12, 2024 5:25 AM

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BNB price is gaining pace above the $700 zone. The price is showing positive signs and might aim for a move above the $735 resistance.

BNB price started a fresh increase from the $650 support zone.
The price is now trading above $700 and the 100-hourly simple moving average.
There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $700 level to start another increase in the near term.

BNB Price Starts Fresh Increase

After a close above the $675 level, BNB price started a fresh increase, like Ethereum and Bitcoin. The bulls were able to pump the price above the $680 and $700 resistance levels.

There was a break above a key bearish trend line with resistance at $705 on the hourly chart of the BNB/USD pair. The pair surpassed the 50% Fib retracement level of the downward move from the $761 swing high to the $650 low.

The price is now trading above $700 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $720 level. It is close to the 61.8% Fib retracement level of the downward move from the $761 swing high to the $650 low.

The next resistance sits near the $735 level. A clear move above the $735 zone could send the price higher. In the stated case, BNB price could test $750. A close above the $750 resistance might set the pace for a larger move toward the $762 resistance. Any more gains might call for a test of the $800 level in the near term.

Another Dip?

If BNB fails to clear the $735 resistance, it could start another decline. Initial support on the downside is near the $705 level. The next major support is near the $700 level.

The main support sits at $675. If there is a downside break below the $675 support, the price could drop toward the $662 support. Any more losses could initiate a larger decline toward the $650 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

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

Major Support Levels – $705 and $700.

Major Resistance Levels – $735 and $750.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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