BNB price maintains an upward trend above the $300 pivot level. It is showing positive signs and may bounce towards the $350 resistance zone.
- BNB price is rising above the $300 resistance level.
- The price is currently trading near $310 and the 100 simple moving average (4-hours).
- A major bearish channel or bullish flag pattern has formed on the 4-hours chart of the BNB/USD pair with resistance near $325 (data source from Binance).
- If there is a clear move above $315 and $325, the pair may continue to rise.
BNB price aims higher
After the big rally, BNB price faced resistance near $340. The price has started a downward correction and recently tested the $290 area. A low was made around $289 and the price is now attempting a new rise like Bitcoin or Ethereum.
There was a move above the $295 and $300 levels. The bulls pushed the price above the 50% Fib retracement level with a downward move from the $332 swing high to the $289 low. BNB is currently trading near $310 and the 100 simple moving average (4-hours).
Current price action is positive and suggests further upside is possible. Immediate resistance is near the $315 level. This is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.
The next resistance level is near the $322 level. Additionally, on the 4-hours chart of the BNB/USD pair, there is a major bearish channel or bullish flag pattern forming with resistance near $325. Clearly beyond the $225 area, the price could go even higher.
Source: BNBUSD on TradingView.com
As stated, the BNB price could test $340. A break above the $340 resistance could set up a larger upward pace towards the $350 resistance. Any more profits may require testing the $375 level.
Correction of shortcomings?
If BNB fails to clear the $322 resistance, a downward correction could begin. Initial support on the downside is near the $300 level.
The next major support level is near the $292 level. The main support level is $288. A downward breakout below the $288 support could push the price towards the $262 support. Any more losses could trigger a further decline towards the $250 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 – $300, $292, $288.
Key resistance levels – $315, $322, $325.
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