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Home»EXCHANGE NEWS»BNB price surges 10%. The next possible barriers to the upside are:
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BNB price surges 10%. The next possible barriers to the upside are:

By Crypto FlexsMarch 8, 20243 Mins Read
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BNB price surges 10%.  The next possible barriers to the upside are:
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BNB price is gaining bullish momentum above the $450 resistance level. The price is showing a strong upward trend and may soon break above the $500 resistance level.

  • BNB price is showing bullish signals above the $450 resistance.
  • The price is currently trading above $465 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 connecting trend line with resistance at $430.
  • The pair could continue to rise towards the $500 resistance zone or even $520.

BNB price rebounds upward

In our last BNB price prediction, we discussed the possibility of further gains above the $400 resistance zone. The uptrend was still active and was able to push the price above the $400 level.

BNB is currently breaking the $450 resistance level and outperforming Bitcoin and Ethereum. On the 4-hours chart of the BNB/USD pair, a breakout occurred above the trend line connecting the $430 resistance level. It’s up more than 10% today and is trading above $470.

The highest price was reached around $478 and the price is currently trending upward. It is trading above the 23.6% Fib retracement level, rising from the $364 swing low to the $478 high.

The price is currently trading above $465 and the 100 simple moving average (4-hours). Immediate resistance is near the $475 level. The next resistance is near the $488 level. Clearly beyond the $488 area, the price could go even higher.

Source: BNBUSD on TradingView.com

When specified, the BNB price may test $500. A break above the $500 resistance could set up a larger upward pace towards the $520 resistance. Any further gains may require a test of the $542 level in the coming days.

Are deeps supported?

If BNB fails to clear the $475 resistance, a downward correction could begin. Initial support for the downside is near the $4620 level.

The next major support is near the $450 level. Key support lies at the 50% Fib retracement level of $420 or the rise from the $364 swing low to the $478 high. A downward breakout below the $420 support could push the price towards the $400 support. Any more losses could trigger a further decline towards the $380 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 – $460, $450, $420.

Key resistance levels – $475, $500, $520.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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