From the $265 support level against the US Dollar, the BNB (Binance currency) price began a new rally. BNB trades in a positive zone, and may soon surpass the $350 resistance.
- It is now above the US Dollar resistance level of $300 and $320, which Binance coins have been trading at.
- Now, the price trades well over $300. The simple moving average of 100 (4-hours) is also in play.
- Two major bullish trendlines are forming, with support at $320 and 315 respectively on the 4-hours chart for the pair BNB/USD (data source: Binance).
- If the pair moves below $300, it could resume its rally.
The Binance Coin price is still in uptrend
BNB’s price began to increase after it formed a support above $265. BNB price surged above $280 resistance and $285 support levels as the bulls took over.
After breaking the $300 barrier, and reaching the 100 simple moving average (four-hours), the price picked up. It finally soared to the $335 mark and reached a monthly record of $337. Recently, it experienced a slight downside correction at the $330 level. This was similar to Bitcoin and ethereum.
This price reached the 23.6% Fib Retracement level, which was the highest point of the upward swing from the $263 swing high to the $337 high. Initial support lies at $320. Two major bullish trends lines are also forming, with support close to $320 on the 4-hours charts of the BNB/USD pair.
Source: BNBUSD at TradingView.com
Near the $312 mark is the first significant support. Near the $300 level, or 50% Fib Retracement of the upward movement from $263 low to $337 high is the next support. A downside breakout below $300 could lead to a prolonged decline towards $280.
BNB has more upsides
BNB may fail to maintain its current levels of $320 and $300 above, which could lead to a new increase. Positively, it is possible to overcome the immediate challenges of the $328 or $330 levels.
Near the $335 mark is the next significant resistance. Above that, the price will likely aim for the $350 area in the near future. The price could reach the $400 mark if it gains more.
Technical indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well above the 60 level.
Major Support Levels – $320, $312 and $300.
Major Resistance Levels – $330, $335 and $350.