BNB price is gaining bullish momentum from the $315 support zone. The price could extend its rally above USD 375 and rise towards the USD 400 level in the near term.
- BNB price is showing bullish signs above the $350 pivot level.
- The price is now trading above USD 355 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $354 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could gain bullish momentum if a close above the $365 resistance zone.
BNB price regains strength
In recent days, BNB price started a significant increase and managed to break the USD 335 resistance zone. There was a move above the $350 level to move into a positive zone like Bitcoin and Ethereum.
The price even peaked above $365. A high was formed near $366 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high. BNB is now trading above $355 and the 100 simple moving average (4 hours).
There is also a major bullish trendline forming with support at $354 on the 4-hour chart of the BNB/USD pair. The immediate resistance is near the $365 level.
Source: BNBUSD on TradingView.com
The next resistance is near the $375 level. A clear move above the $375 zone could send the price rising further. In the said case, BNB price could test $388. A close above the USD 388 resistance could set the pace for a bigger rise towards the USD 400 resistance. Further gains could require a test of the $420 level.
Dips supported?
If BNB fails to clear the USD 365 resistance, it could initiate a downward correction. The initial downside support is near the $355 level and the trendline.
The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high. The main support is at USD 335. If there is a downside break below the USD 335 support, the price could fall towards the USD 322 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 – $355, $342 and $335.
Major resistance levels – $365, $375 and $388.
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