BNB price is gaining bullish momentum from the $315 support zone. The price has the potential to extend its rally above $375 and rise towards the $400 level in the near term. After starting a decent increase in the past few days, BNB price cleared the $335 resistance zone and moved into a positive zone, similar to Bitcoin and Ethereum.
Currently, BNB price is showing bullish signs above the $350 pivot level. It is now trading above $355 and the 100 simple moving average (4 hours). Additionally, there is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair, as per data from Binance.
Resistance and Potential Upside Targets
The immediate resistance for BNB price is near the $365 level. A close above this resistance could potentially lead to a further upward move. The next resistance sits near the $375 level. If the price successfully breaks above this level, it could test $388. A close above the $388 resistance might set the pace for a larger increase towards the $400 resistance. In the event of further gains, BNB may even reach the $420 level.
However, if BNB fails to clear the $365 resistance, a downside correction could occur. The initial support on the downside is near the $355 level and the aforementioned bullish trend line. The next major support level is near $342 or the 50% Fibonacci retracement level of the upward move from the $315 swing low to the $366 high. The main support sits at $335. If the price breaks below the $335 support, it could drop towards the $322 support. Further losses may initiate a larger decline towards the $315 level.
Analyzing the technical indicators, the 4-hour MACD for BNB/USD is gaining pace in the bullish zone, indicating a positive outlook. The 4-hour RSI (Relative Strength Index) for BNB/USD is currently above the 50 level, suggesting bullish momentum.
Disclaimer
It is important to note that this article is provided solely for educational purposes and does not represent the opinions of NewsBTC. The content does not serve as financial advice or a recommendation to buy, sell, or hold any investments. Investing always carries risks, and it is advised to conduct thorough research before making any investment decisions. Any reliance on the information provided in this article is done entirely at your own risk.