BNB Price Surges 2% Above $655, Bullish Momentum Intact

Generated by AI AgentCoin World
Friday, May 16, 2025 1:17 am ET1min read
BNB
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BNB, the native token of the Binance ecosystem, has shown signs of stabilization above the $640 support zone, indicating a potential for further gains in the near term. The price has been trading above $655 and the 100-hourly simple moving average, suggesting a bullish momentum. A break above a connecting bearish trend line with resistance at $652 on the hourly chart of the BNB/USD pair further supports this positive outlook.

The price has formed a base above the $642 level and has started a fresh increase, moving above the $650 and $655 resistance levels. This upward movement is similar to the trends observed in other major cryptocurrencies. The price has also moved above the 50% Fib retracement level of the recent decline from the $671 swing high to the $642 low, indicating a strong bullish sentiment.

On the upside, the price could face resistance near the $660 level, which is close to the 61.8% Fib retracement level of the recent decline. The next resistance sits near the $670 level. A clear move above the $670 zone could send the price higher, potentially testing the $678 level. A close above the $678 resistance might set the pace for a larger move toward the $685 resistance. Any more gains might call for a test of the $700 level in the near term.

However, if BNB fails to clear the $660 resistance, it could start another decline. Initial support on the downside is near the $652 level, with the next major support near the $650 level. The main support sits at $642. If there is a downside break below the $642 support, the price could drop toward the $630 support. Any more losses could initiate a larger decline toward the $620 level.

Technical indicators also support the bullish outlook. The MACD for BNB/USD is gaining pace in the bullish zone, and the RSI for BNB/USD is currently above the 50 level. Major support levels are at $650 and $642, while major resistance levels are at $660 and $670. These indicators suggest that the price is in a bullish trend, and as long as it stays above the $642 level, the momentum could remain positive.