BNB price is holding gains above the $300 pivot level. It is showing positive signs and might rally toward the $350 resistance zone.
- BNB price is moving higher above the $300 resistance.
- The price is now trading near $310 and the 100 simple moving average (4 hours).
- There is a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might continue to move up if there is a clear move above $315 and $325
BNB Price Aims Higher
After a major increase, BNB price faced resistance near the $340 zone. The price started a downside correction and recently tested the $290 zone. A low was formed near $289, and the price is now attempting a fresh increase, like Bitcoin and Ethereum.
There was a move above the $295 and $300 levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $332 swing high to the $289 low. BNB is now trading near $310 and the 100 simple moving average (4 hours).
The current price action is positive and signals more upsides. Immediate resistance is near the $315 level. It is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.
The next resistance sits near the $322 level. There is also a key declining channel or a bullish flag pattern forming with resistance near $325 on the 4-hour chart of the BNB/USD pair. A clear move above the $225 zone could send the price further higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could test $340. A close above the $340 resistance might set the pace for a larger increase toward the $350 resistance. Any more gains might call for a test of the $375 level.
Downside Correction?
If BNB fails to clear the $322 resistance, it could start a downside correction. Initial support on the downside is near the $300 level.
The next major support is near the $292 level. The main support sits at $288. If there is a downside break below the $288 support, the price could drop toward the $262 support. Any more losses could initiate a larger decline toward the $250 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 – $300, $292, and $288.
Major Resistance Levels – $315, $322, and $325.
