BNB Price Continues to Rise, Showing Bullish Signs Above $365 Resistance Level
The price of BNB, the native cryptocurrency of the Binance exchange, is displaying bullish signals as it surpasses the $365 resistance level. Currently trading above $375 and the 100 simple moving average (4 hours), BNB has the potential to continue its upward trend. A key bullish trend line is forming with support at $380 on the 4-hour chart of the BNB/USD pair sourced from Binance. As a result, the price may rise further towards the $400 resistance zone or even reach $422.
BNB Price Extends Increase
In our previous analysis, we discussed the possibility of BNB experiencing more gains above the $365 resistance zone. The bulls have proven themselves by successfully pushing the price above $375.
BNB has outperformed other major cryptocurrencies such as Bitcoin and Ethereum by breaking through the $380 resistance level. A high point was established near $390, and now the price is consolidating its gains. It is currently trading above the 23.6% Fibonacci retracement level of its upward move from the $345 swing low to the $390 high.
The price is also trading above $375 and the 100 simple moving average (4 hours). Additionally, a significant bullish trend line is forming with support at $380 on the 4-hour chart of BNB/USD.
Source: BNBUSD on TradingView.com
The immediate resistance lies near the $390 level, followed by another resistance at approximately $392. If the price manages to surpass this zone, it could continue to rise. In such a scenario, BNB may test the $400 resistance level. A breakthrough above $400 could pave the way for an even larger increase towards the $422 resistance level. If the bullish momentum persists, we might even see BNB testing the $500 level in the coming weeks.
Dips Supported?
If BNB fails to break through the $390 resistance level, a downside correction may occur. The initial support on the downside is located around the $380 level and the aforementioned trend line.
The next major support level is near $362 or the 61.8% Fibonacci retracement level of the upward move from the $345 swing low to the $390 high. The main support level is at $350. Should there be a break below this crucial support at $350, the price could drop towards the $335 support level. Further losses might initiate a larger decline towards the $315 level.
Technical Indicators
- 4-Hours MACD β The MACD for BNB/USD is gaining momentum in the bullish zone.
- 4-Hours RSI (Relative Strength Index) β The RSI for BNB/USD is currently above the 50 level.
Major Support Levels β $380, $362, and $350.
Major Resistance Levels β $390, $400, and $422.
Hot Take: BNB Shows Strong Bullish Momentum, Potential for Further Growth
The price of BNB continues to demonstrate strong bullish momentum as it surpasses key resistance levels and trades above important moving averages. With a potential rise towards the $400 resistance zone or even $422, BNB presents an attractive opportunity for crypto enthusiasts.
However, a downside correction is also possible if the price fails to break through the $390 resistance level. In such a scenario, support levels at $380, $362, and $350 will play crucial roles in determining the direction of BNB’s price movement.
Overall, BNB remains an interesting cryptocurrency to watch, and its performance in the coming weeks could provide valuable insights for traders and investors alike.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding. A guiding star for both audacious explorers and curious neophytes journeying through the crypto galaxy, Newt’s insights forge a compass for insightful decision-making amidst the ever-evolving universe of digital assets. With the precision of a wordsmith, they craft a narrative that enriches the evolving chronicle of the crypto cosmos.
