BNB price gained strength and climbed above the USD 250 resistance. It is up over 5% and the bulls could soon aim for a move towards the $300 level.
- The BNB price is moving higher above the USD 250 resistance.
- The price is now trading above $255 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $253.5 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could continue to rise if there is a clear move above $268.
BNB price rises by 8%
In recent days, BNB price remained stable above the USD 240 resistance. The bulls stepped in and cleared a major hurdle at $250. It opened the doors to more benefits above $255.
BNB gained ground and climbed above $260. It is up over 5% and is outperforming both Bitcoin and Ethereum. A new multi-week high is being formed near $267.9 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high.
BNB is also trading above $255 and the 100 simple moving average (4 hours). Moreover, a major bullish trendline is forming with support at $253.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
If a new increase occurs, the price may encounter resistance near the $265 level. The next resistance is near the $268 level. A clear move above the $268 zone could send the price rising further. In the said case, BNB price could test $280. A close above the $280 resistance could set the pace for a bigger rise towards the $300 resistance.
Disadvantage correction?
If BNB fails to clear the USD 265 resistance, it could initiate a downward correction. The initial downside support is near the USD 260 level. The next major support is near the $255 level.
The main support is at $253 or the trendline. It is close to the 50% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high. If there is a downside break below the USD 253 support, the price could fall towards the USD 245 support. Any further losses could trigger a bigger decline towards the $238 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is gaining speed 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 260, USD 255 and USD 253.
Major resistance levels – $265, $268 and $280.