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BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally

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  • cryptocurrencyworld
    Administrator
    • Feb 2024
    • 203

    BNB Price Increase To Continue? This Resistance Could Trigger Fresh Rally

    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.
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