BNB price is gaining bullish momentum above the $350 resistance level. The price is likely to gain more gains above the $400 resistance level in the near term.
- BNB price is showing bullish signals above the $365 resistance level.
- The price is currently trading above $375 and the 100 simple moving average (4-hours).
- There is a major bullish trendline with support at $380 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could continue to rise towards the $400 resistance zone or even $422.
BNB price increase extended
In our last BNB price prediction, we discussed the possibility of further gains above the $365 resistance zone. The uptrend was still active and was able to push the price above the $375 level.
BNB broke the $380 resistance line and outperformed Bitcoin and Ethereum. A high was made near $390 and the price is currently trending upward. It is trading above the 23.6% Fib retracement level, rising from the $345 swing low to the $390 high.
The price is currently trading above $375 and the 100 simple moving average (4-hours). There is also a major bullish trendline with support near $380 on the 4-hours chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is near the $390 level. The next resistance is near the $392 level. Clearly beyond the $392 area, the price could go even higher. As stated, the BNB price may test $400. A break above the $400 resistance could set up a larger upward pace towards the $422 resistance. More gains in the coming weeks may lead to a test of the $500 level.
Are deeps supported?
If BNB fails to clear the $390 resistance, a downward correction could begin. Initial support for the downside is near the $380 level and trend line.
The next major support is near the $362 level or the 61.8% Fib retracement level rising from the $345 swing low to the $390 high. Main support is $350. A downward breakout below the $350 support may push the price towards the $335 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 – $380, $362, $350.
Key resistance levels – $390, $400, $422.
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