BNB Price Shows Bullish Signs Above $350
The price of BNB has been exhibiting bullish indications above the $350 pivot level. It has surpassed the $355 mark and is currently trading above the 100 simple moving average (4 hours).
Key Bullish Trend Line Forming
A significant bullish trend line is forming with support at $354 on the 4-hour chart of the BNB/USD pair sourced from Binance. This trend line could play a crucial role in supporting the price.
Possible Bullish Momentum
If the BNB/USD pair manages to close above the $365 resistance zone, it could gather bullish momentum. This may lead to further price increases.
BNB Price Regains Strength
Over the past few days, BNB’s price has experienced a decent increase, breaking through the $335 resistance zone. It has moved beyond $350, entering a positive zone similar to Bitcoin and Ethereum.
The price even reached a high near $366 and is now consolidating gains above the 23.6% Fibonacci retracement level of its upward movement from the $315 swing low to the $366 high. BNB is currently trading above $355 and the 100 simple moving average (4 hours).
A key bullish trend line is also forming with support at $354 on the 4-hour chart of the BNB/USD pair. The immediate resistance lies near the $365 level.
Source: BNBUSD on TradingView.com
The next obstacle for BNB sits around the $375 level. If there is a clear breakthrough above this zone, the price could rise further. In such a scenario, BNB’s price might test $388, and a close above the $388 resistance could pave the way for an even larger increase toward the $400 resistance level. Additional gains may potentially lead to a test of the $420 level.
Dips Supported?
If BNB fails to surpass the $365 resistance, it may experience a downside correction. The initial support on the downside is near the $355 level and the trend line.
The next significant support lies near the $342 level or the 50% Fibonacci retracement level of its upward movement from the $315 swing low to the $366 high. The primary support is at $335. A downside break below this level could cause the price to drop towards the $322 support. Further losses might trigger a more substantial decline towards the $315 level.
Technical Indicators
The MACD for BNB/USD on the 4-hour chart indicates an increasing bullish trend. Additionally, the RSI (Relative Strength Index) for BNB/USD is currently above the 50 level.
Major Support Levels β $355, $342, and $335.
Major Resistance Levels β $365, $375, and $388.
Hot Take: BNB Gains Momentum With Bullish Trend Line
BNB’s price is exhibiting bullish signs as it continues to trade above key support levels. The formation of a bullish trend line and its ability to maintain strength above resistance levels suggest that BNB may experience further upward movement in the near future. Traders should closely monitor these levels and consider potential buying opportunities if there is a clear breakthrough above resistance or a bounce back from support. However, it is important to note that a failure to surpass resistance could lead to a downside correction, so risk management strategies should be implemented. Overall, BNB’s price action indicates optimism in the market.
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