BNB price is gaining bullish momentum above the USD 350 resistance. It seems like the price will see more gains above the USD 400 resistance in the near term.
- BNB price is showing bullish signs above the USD 365 resistance level.
- The price is now trading above USD 375 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $380 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could continue to rise towards the USD 400 or even USD 422 resistance zone.
BNB price extends rise
In the last BNB price prediction, we discussed the chances of more gains above the USD 365 resistance zone. The bulls remained active and managed to push the price above the USD 375 level.
BNB outperformed Bitcoin and Ethereum with a move above the USD 380 resistance. It reached a high around $390 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $345 swing low to the $390 high.
The price is now trading above USD 375 and the 100 simple moving average (4 hours). There is also a major bullish trendline forming with support at $380 on the 4-hour 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. A clear move above the $392 zone could send the price rising further. In the said case, BNB price could test $400. A close above the USD 400 resistance could set the pace for a bigger rise towards the USD 422 resistance. Further gains could require a test of the $500 level in the coming weeks.
Dips supported?
If BNB fails to clear the USD 390 resistance, it could initiate a downward correction. The initial downside support is near the $380 level and the trendline.
The next major support is near the $362 level or the 61.8% Fib retracement level of the upward move from the $345 swing low to the $390 high. The main support is at $350. If there is a downside break below the USD 350 support, the price could fall towards the USD 335 support. Any further losses could trigger a bigger decline towards the $315 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 380, USD 362 and USD 350.
Major resistance levels – $390, $400 and $422.
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