BNB Price Shows Bullish Signs Above $300
The price of BNB is displaying positive indications above the $300 pivot level, unlike Bitcoin and Ethereum. It has successfully surpassed the $300 resistance zone and reached the $305 level before encountering bearish pressure.
Downside Correction in Progress
After reaching a high near $313, the price of BNB has begun a downward correction. It dropped below the $308 level and fell beneath the 50% Fibonacci retracement level of the upward movement from the $287 swing low to the $313 high.
Currently, BNB is consolidating near $305 and the 100 simple moving average (4 hours). The immediate resistance lies at around $308. Additionally, there is a significant bearish trend line forming with resistance near $306 on the 4-hour chart of the BNB/USD pair.
Possible Rally for BNB Price
If BNB manages to close above the resistance zone between $308 and $310, it could gather bullish momentum. In such a scenario, the price may test the $320 level. A breakthrough above $320 could potentially lead to further gains towards the $335 and even $350 levels.
Potential Decline for BNB
If BNB fails to surpass the $310 resistance, it may continue its downward movement. The initial support on the downside is expected near the $300 level, followed by a major support level at around $292 or the 76.4% Fibonacci retracement level.
The main support for BNB lies at $288. If this support is breached, it could trigger a larger decline towards the $275 level. Further losses might lead to a significant drop towards the $262 level.
Technical indicators reveal that the MACD for BNB/USD is losing momentum in the bullish zone. However, the RSI for BNB/USD is currently above the 50 level.
Hot Take: BNB Price Poised for Upside Potential
The price of BNB is showing signs of strength as it maintains its bullish momentum above the $300 level. Although facing resistance at $310, a successful breakthrough could pave the way for further gains towards $320 and beyond. On the downside, support levels are present at $300, $292, and $288. With technical indicators indicating a mixed sentiment, BNB’s next move will likely depend on its ability to surpass or hold below key resistance levels.
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