BNB Price Targets $650 Amid Renewed Market Optimism

The BNB price is consolidating above the $605 zone and showing positive signs, aiming for more gains in the near term. The price is trading above $612 and the 100-hourly simple moving average. A bullish trend line is forming with support near $622 on the hourly chart. The pair must stay above the $612 level to start another increase in the near term. BNB price formed a base above the $600 level and started a fresh increase, pushing the price above the $625 level. The price is now consolidating gains above the 23.6% Fib retracement level of the recent wave from the $597 swing low to the $629 high. On the upside, the price could face resistance near the $628 level, and a clear move above the $630 zone could send the price higher. If BNB fails to clear the $630 resistance, it could start another decline, with initial support on the downside near the $622 level. The main support sits at $612 and the 50% Fib retracement level of the recent wave from the $597 swing low to the $629 high.