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Home»EXCHANGE NEWS»BNB price surges more than 5%, why bulls may target $400 in February 2024
EXCHANGE NEWS

BNB price surges more than 5%, why bulls may target $400 in February 2024

By Crypto FlexsFebruary 17, 20243 Mins Read
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BNB price surges more than 5%, why bulls may target 0 in February 2024
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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.

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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