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Home»EXCHANGE NEWS»Why BNB price has started its journey towards $500 and the decline has become attractive
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Why BNB price has started its journey towards $500 and the decline has become attractive

By Crypto FlexsFebruary 26, 20243 Mins Read
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Why BNB price has started its journey towards 0 and the decline has become attractive
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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.

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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