BNB Price Moves Higher Above $300 Resistance
After facing resistance near the $340 zone, BNB price experienced a downside correction and tested the $290 zone. However, it has now started a fresh increase and is trading near $310 with the 100 simple moving average (4 hours).
Positive Price Action Signals More Upsides
The current price action for BNB is positive and indicates the possibility of further upsides. Immediate resistance is near the $315 level, which is close to the 61.8% Fib retracement level. There is also a key declining channel or bullish flag pattern forming with resistance near $325 on the 4-hour chart.
Potential Test of $340 Resistance
If BNB price manages to clear the $322 resistance, it could potentially test the $340 resistance. A close above this level could pave the way for a larger increase towards the $350 resistance, with potential gains calling for a test of the $375 level.
Downside Correction Possibility
In case BNB fails to clear the $322 resistance, a downside correction may occur. The initial support on the downside is near the $300 level, followed by major support near $292. The main support sits at $288, and a break below this level could lead to a drop towards the $262 support. Further losses could initiate a larger decline towards the $250 level.
Technical Indicators
The MACD for BNB/USD on the 4-hour chart is gaining pace in the bullish zone, indicating positive momentum. The RSI (Relative Strength Index) for BNB/USD is currently above the 50 level, suggesting bullishness in price.
Hot Take: BNB Price Shows Potential for Upside Movement
Despite facing resistance near the $340 zone, BNB price is now aiming higher and has the potential to test the $350 and $375 resistance levels. However, if it fails to clear the $322 resistance, a downside correction could occur with initial support near $300. Traders should keep an eye on key levels such as $315, $322, and $325 for potential breakouts or reversals.
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