BNB Price Gains Momentum
In recent days, BNB price has established a base above the $230 level and has seen a notable increase. It surpassed resistance levels at $240 and $242, outperforming Ethereum and Bitcoin in the process.
Furthermore, BNB broke the 76.4% Fibonacci retracement level of the previous downward move and also surpassed a key bearish trend line with resistance at around $252 on the 4-hour chart of the BNB/USD pair.
The price is currently trading above $250 and the 100 simple moving average (4 hours), indicating positive price action and suggesting further upside potential above the $258 resistance zone.
If the price manages to clear the $262 level, it could experience even higher gains. In this scenario, BNB price may test $272, which is close to the 1.618 Fibonacci extension level.
Potential Downside Correction
In case BNB fails to surpass the $258 resistance, it might undergo a downside correction. The initial support on the downside is expected near the $248 level.
Should the price continue to decline, the next significant support lies at approximately $242, with the main support resting at $232. A break below this level could lead to a larger decline towards $222, and any further losses may push it towards $205.
Technical Indicators
The MACD indicator for BNB/USD on the 4-hour chart shows bullish momentum gaining pace. The RSI (Relative Strength Index) is currently above 50, indicating positive market sentiment for BNB.
Hot Take: BNB Price Sees Strong Upside Potential
BNB price has shown strength in recent sessions, breaking key resistance levels and outperforming other major cryptocurrencies. With the price currently trading above $250 and the 100 simple moving average, there is a positive outlook for further gains. A clear move above the $258 resistance could pave the way for a test of $272 and potentially higher levels. However, if the price fails to surpass this resistance, a downside correction may occur with support levels at $248, $242, and $232. Overall, BNB price appears to have strong upside potential in the near term.
By
By
By
By