BNB Price Surges 6.67% Toward $640 Resistance

BNB, the native cryptocurrency of the Binance Smart Chain, has been on a recovery path, with its price rising from the $600 support zone. This upward trend has caught the attention of traders and analysts who are closely watching key resistance levels that could indicate a potential breakout.

The price of BNB is currently moving higher, with analysts suggesting that it may target a fresh move toward the $640 resistance level. This resistance level is pivotal as it could determine the future direction of BNB's price. A successful break above $640 could open the door for further gains, while a failure to surpass this level might result in a consolidation phase.

On the hourly chart of the BNB/USD pair, there is a connecting bearish trend line forming with resistance at $627. The next resistance sits near the $630 level or the 50% Fib retracement level of the downward move from the $645 swing high to the $615 low. A clear move above the $630 zone could send the price higher, potentially testing $638. A close above the $638 resistance might set the pace for a larger move toward the $650 resistance. Any more gains might call for a test of the $665 level in the near term.

If BNB fails to clear the $630 resistance, it could start another decline. Initial support on the downside is near the $622 level. The next major support is near the $615 level. The main support sits at $600. If there is a downside break below the $600 support, the price could drop toward the $585 support. Any more losses could initiate a larger decline toward the $565 level.

Technical indicators such as the hourly MACD for BNB/USD are gaining pace in the bullish zone, while the hourly RSI (Relative Strength Index) for BNB/USD is currently above the 50 level. Major support levels to watch are $622 and $615, while major resistance levels are $628 and $630.

In summary, BNB's price is on an upward trajectory, with key resistance levels at $640, $696, and $700. A successful break above these levels could signal a strong bullish trend, while a failure to sustain above them might lead to a consolidation phase. Traders are advised to monitor these levels closely and be prepared for potential price movements.