BNB Price Stalls: Struggles to Resume Gains While Altcoins Rally

BNB price is correcting gains from the $708 zone.

The price is now facing hurdles near $692 and might dip again toward the $675 support.

BNB price is attempting to recover from the $675 support zone.

The price is now trading below $690 and the 100-hourly simple moving average.

There is a key bearish trend line forming with resistance at $692 on the hourly chart of the BNB/USD pair (data source from Binance).

The pair must stay above the $680 level to start another increase in the near term.

BNB Price Faces Hurdles After a steady increase, BNB price failed to clear the $710 zone.

There was a downside correction below the $690 and $680 levels, unlike Ethereum and Bitcoin .

The price even dipped below $678 and tested $675. A low was formed at $674 and the price is now attempting to recover.

There was a move above $680. The price climbed above the 50% Fib retracement level of the downward move from the $707 swing high to the $674 low.

However, the bears are active near $692. There is also a key bearish trend line forming with resistance at $692 on the hourly chart of the BNB/USD pair.

The price is now trading below $690 and the 100-hourly simple moving average.

On the upside, the price could face resistance near the $692 level.

The next resistance sits near the $695 level or the 61.8% Fib retracement level of the downward move from the $707 swing high to the $674 low.

A clear move above the $695 zone could send the price higher.

In the stated case, BNB price could test $708. A close above the $708 resistance might set the pace for a larger move toward the $720 resistance.

Any more gains might call for a test of the $732 level in the near term.

Another Decline? If BNB fails to clear the $692 resistance, it could start another decline.

Initial support on the downside is near the $682 level.

The next major support is near the $680 level.

The main support sits at $674. If there is a downside break below the $674 support, the price could drop toward the $665 support.

Any more losses could initiate a larger decline toward the $650 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 below the 50 level.

Major Support Levels – $685 and $680. Major Resistance Levels – $692 and $708..

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