BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally
05 February 2024 - 4:20PM
NEWSBTC
BNB price is attempting a fresh increase from the $288 zone. The
price could start a fresh rally if there is a clear move above the
$310 resistance. BNB price is showing bullish signs above the $300
pivot level. The price is now trading below $310 and the 100 simple
moving average (4 hours). There is a key bearish trend line forming
with resistance near $306 on the 4-hour chart of the BNB/USD pair
(data source from Binance). The pair gather bullish momentum if
there is a close above the $308-$310 resistance zone. BNB Price
Eyes Fresh Rally In the past few days, BNB price started a decent
increase and cleared the $300 resistance zone, unlike Bitcoin and
Ethereum. There was a move above the $305 level before the bears
appeared. A high was formed near $313 and the price recently
started a downside correction. There was a move below the $308
level. The price declined below the 50% Fib retracement level of
the upward move from the $287 swing low to the $313 high. BNB is
now consolidating near $305 and the 100 simple moving average (4
hours). Immediate resistance is near the $308 level. There is also
a key bearish trend line forming with resistance near $306 on the
4-hour chart of the BNB/USD pair. Source: BNBUSD on TradingView.com
The next resistance sits near the $310 level. A clear move above
the $310 zone could send the price further higher. In the stated
case, BNB price could test $320. A close above the $320 resistance
might set the pace for a larger increase toward the $335
resistance. Any more gains might call for a test of the $350 level.
Another Decline? If BNB fails to clear the $310 resistance, it
could continue to move down. Initial support on the downside is
near the $300 level. The next major support is near the $292 level
or the 76.4% Fib retracement level of the upward move from the $287
swing low to the $313 high. The main support sits at $288. If there
is a downside break below the $288 support, the price could drop
toward the $275 support. Any more losses could initiate a larger
decline toward the $262 level. 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
above the 50 level. Major Support Levels – $300, $292, and $288.
Major Resistance Levels – $308, $310, and $320.
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Binance Coin (COIN:BNBUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024