BNB Price Continues to Rise, Showing Bullish Signs
The price of BNB is displaying bullish indicators as it surpasses the $450 resistance level. It is currently trading above $465 and the 100 simple moving average (4 hours), indicating a positive trend. Additionally, there was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair (data source from Binance). This suggests that the price could further increase and potentially reach the $500 resistance zone or even $520.
BNB Price Extends Rally
In our previous BNB price prediction, we discussed the possibility of further gains above the $400 resistance zone. The bulls remained active and successfully pushed the price above $400.
Currently, BNB is outperforming Bitcoin and Ethereum as it surpasses the $450 resistance. On the 4-hour chart of the BNB/USD pair, a connecting trend line with resistance at $430 was broken. Today, BNB is up over 10% and is trading above $470.
The price reached a high near $478 and is now consolidating its gains. It is currently trading above the 23.6% Fibonacci retracement level of the upward move from the $364 swing low to the $478 high.
Moreover, it is trading above $465 and the 100 simple moving average (4 hours). The immediate resistance level is around $475, followed by another resistance near $488. If there is a clear break above this zone, it could push the price even higher.
In this scenario, it is possible for BNB price to test $500. If it manages to close above this resistance level, it could potentially lead to a larger increase towards the $520 resistance. Further gains might even test the $542 level in the upcoming days.
Dips Supported?
In the event that BNB fails to break above the $475 resistance, it may experience a downside correction. The initial support on the downside is near the $460 level.
The next significant support level is around $450, with the main support sitting at $420 or the 50% Fibonacci retracement level of the upward move from the $364 swing low to the $478 high. Should there be a break below the $420 support, the price could drop towards the $400 support. If further losses occur, it could initiate a larger decline towards the $380 level.
Technical Indicators
- The MACD for BNB/USD on the 4-hour chart is gaining momentum in the bullish zone.
- The RSI (Relative Strength Index) for BNB/USD is currently above the 50 level.
Major Support and Resistance Levels
- Major Support Levels: $460, $450, and $420
- Major Resistance Levels: $475, $500, and $520
Hot Take: BNB Price Expected to Rise Further ๐
With BNB price displaying bullish signs and trading above key resistance levels, there is a strong possibility of further upward movement. The recent break above the connecting trend line and successful consolidation of gains indicate a positive market sentiment.
If BNB manages to surpass the immediate resistance at $475 and closes above it, we can expect a potential rally towards higher resistances such as $500 and even $520. Traders should monitor these levels closely for possible entry or exit points.
However, if the price fails to break above the $475 resistance, a downside correction may occur. Traders should keep an eye on support levels at $460, $450, and $420 for potential buying opportunities or to set stop-loss orders.
As always, it is important to consider market conditions and perform thorough analysis before making any trading decisions.
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