BNB price gained momentum and broke above the $250 resistance line. It is showing positive signs and may bounce towards the $272 resistance zone.
- BNB price is rising above the $250 resistance.
- The price is currently trading above $250 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the BNB/USD pair (Binance data source), a breakout occurred above the main bearish trendline with resistance near $252.
- If there is a clear move above $258, the pair could continue to rise.
BNB price gains traction again
Over the past few days, BNB price has formed a base above the $230 level. The price began a significant rise above the $240 and $242 resistance levels. It also outperformed Ethereum and Bitcoin in the last two sessions.
BNB broke the 76.4% Fib retracement level of the downward move from the $257.1 swing high to the $231.9 low. A breakout also occurred above the main bearish trendline with resistance near $252 on the 4-hours chart of the BNB/USD pair.
It is currently trading above $250 and the 100 simple moving average (4-hours). The current price action is positive and indicates more upside potential above the $258 resistance zone.
The next resistance level is near the $262 level. A clear break above the $262 area could push the price even higher. As stated, the BNB price could test $272. It is close to the 1.618 Fib extension level with a downward move from the $257.1 swing high to the $231.9 low.
Source: BNBUSD on TradingView.com
A close above the $272 resistance line could set up a larger upward pace towards the $285 resistance line. Any more profits may require testing the $300 level.
Correction of shortcomings?
If BNB fails to clear the $258 resistance, a downward correction could begin. Initial support for the downside is near the $248 level.
The next major support level is near the $242 level. The main support level is $232. A downward breakout below the $232 support may push the price towards the $222 support. Any more losses could trigger a deeper decline towards the $205 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 – $248, $242, $232.
Key resistance levels – $258, $272, $285.
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