BNB price is gaining bullish momentum around the $315 support zone. The price may extend the rally above $375 and rise towards the $400 level in the near term.
- BNB price is showing bullish signals above the $350 pivot level.
- The price is currently trading above $355 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair, there is a major bullish trend line forming with support at $354 (data source from Binance).
- A close above the $365 resistance zone could allow the pair to gather bullish momentum.
BNB price regains strength
Over the past few days, BNB price started a significant rise and cleared the $335 resistance area. There has been a move above the $350 level to move into positive territory like Bitcoin and Ethereum.
The price soared to more than $365. A high was made near $366 and the price is currently consolidating gains above the 23.6% Fib retracement level, rising from the $315 swing low to the $366 high. BNB is currently trading above $355 and the 100 simple moving average (4-hours).
There is also a major bullish trend line forming with support at $354 on the 4-hours chart of the BNB/USD pair. Immediate resistance is near the $365 level.
Source: BNBUSD on TradingView.com
The next resistance is near the $375 level. Clearly beyond the $375 area, the price could go even higher. As stated, the BNB price could test $388. A break above the $388 resistance could set up a larger upward pace towards the $400 resistance. Any more profits may require testing the $420 level.
Are deeps supported?
If BNB fails to clear the $365 resistance, a downward correction could begin. Initial support for the downside is near the $355 level and trend line.
The next major support is near the $342 level or the 50% Fib retracement level rising from the $315 swing low to the $366 high. The main support level is $335. A downward breakout below the $335 support may push the price towards the $322 support. Any more losses could trigger a deeper decline towards the $315 level.
technical indicators
4-Hour MACD – The MACD for BNB/USD is pacing in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $355, $342, $335.
Key resistance levels – $365, $375, $388.
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Source: NewsBTC.com