BNB Price Surges Over 5%, Why Bulls Could Aim For $400 In Feb 2024
16 February 2024 - 3:24PM
NEWSBTC
BNB price is gaining bullish momentum from the $315 support zone.
The price could extend its rally above $375 and rise toward the
$400 level in the near term. BNB price is showing bullish signs
above the $350 pivot level. The price is now trading above $355 and
the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support at $354 on the 4-hour chart of the
BNB/USD pair (data source from Binance). The pair could gather
bullish momentum if there is a close above the $365 resistance
zone. BNB Price Regains Strength In the past few days, BNB price
started a decent increase and cleared the $335 resistance zone.
There was a move above the $350 level to move into a positive zone,
like Bitcoin and Ethereum. The price even spiked 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 key bullish
trend line forming with support at $354 on the 4-hour chart of the
BNB/USD pair. Immediate resistance is near the $365 level. Source:
BNBUSD on TradingView.com The next resistance sits near the $375
level. A clear move above the $375 zone could send the price
further higher. In the stated case, BNB price could test $388. A
close above the $388 resistance might set the pace for a larger
increase toward the $400 resistance. Any more gains might call for
a test of the $420 level. Dips Supported? If BNB fails to clear the
$365 resistance, it could start a downside correction. Initial
support on the downside is near the $355 level and the trend line.
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 sits at $335. If there is a downside
break below the $335 support, the price could drop toward the $322
support. Any more losses could initiate a larger decline toward the
$315 level. Technical Indicators 4-Hours MACD – The MACD for
BNB/USD is gaining 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 – $355, $342, and $335. Major
Resistance Levels – $365, $375, and $388.
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