The BNB price attempts a new increase from the $288 zone. The price could start a new rally if there is a clear move above the USD 310 resistance.
- BNB price is showing bullish signs above the $300 pivot level.
- The price is now trading below $310 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance around $306 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair will gain bullish momentum if there is a close above the $308-$310 resistance zone.
BNB Prize Eyes Fresh Rally
In recent days, BNB price started a decent increase and managed to cross the USD 300 resistance zone, unlike Bitcoin and Ethereum. There was a move above the USD 305 level before the bears appeared.
A high was formed around $313 and the price recently started a downward correction. There was a move below the USD 308 level. The price fell below the 50% Fib retracement level of the upward move from the $287 swing low to the $313 high.
BNB is now consolidating near $305 and the 100 simple moving average (4 hours). The immediate resistance is near the $308 level. There is also a major bearish trendline forming with resistance around $306 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
The next resistance is near the $310 level. A clear move above the $310 zone could send the price rising further. In the said case, BNB price could test $320. A close above the USD 320 resistance could set the pace for a bigger rise towards the USD 335 resistance. Further gains could require a test of the $350 level.
Another drop?
If BNB fails to clear the USD 310 resistance, it could continue falling. The initial downside support is near the USD 300 level. The next major support is near the $292 level or the 76.4% Fib retracement level of the upward move from the $287 swing low to the $313 high.
The main support is at $288. If there is a downside break below the USD 288 support, the price could fall towards the USD 275 support. Any further losses could trigger a bigger decline towards the $262 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – USD 300, USD 292 and USD 288.
Major resistance levels – $308, $310 and $320.
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