BNB price is holding gains above the USD 300 pivot level. It is showing positive signs and could recover towards the USD 350 resistance zone.
- The BNB price is moving higher above the USD 300 resistance.
- The price is now trading near USD 310 and the 100 simple moving average (4 hours).
- A major descending channel or bullish flag pattern is forming with resistance around $325 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 $315 and $325
BNB price aims higher
After a big rise, BNB price faced resistance near the $340 zone. The price started a downward correction and recently tested the $290 zone. A low was formed around $289, and the price is now trying to rise again, just like Bitcoin and Ethereum.
There was a move above the USD 295 and USD 300 levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $332 swing high to the $289 low. BNB is now trading near $310 and the 100 simple moving average (4 hours).
The current price action is positive and hints at more upside. The immediate resistance is near the $315 level. It is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.
The next resistance is near the $322 level. There is also a major descending channel or bullish flag pattern forming with resistance around $325 on the 4-hour chart of the BNB/USD pair. A clear move above the $225 zone could see the price rise further.
Source: BNBUSD on TradingView.com
In the said case, BNB price could test $340. A close above the USD 340 resistance could set the pace for a bigger rise towards the USD 350 resistance. Further gains could require a test of the $375 level.
Disadvantage correction?
If BNB fails to clear the USD 322 resistance, it could initiate a downward correction. The initial downside support is near the USD 300 level.
The next major support is near the $292 level. The main support is at $288. If there is a downside break below the USD 288 support, the price could fall towards the USD 262 support. Any further losses could trigger a bigger decline towards the $250 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 300, USD 292 and USD 288.
Major resistance levels – $315, $322 and $325.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.