BNB Price Shows 8% Jump
Recently, BNB price has maintained stability above the $240 resistance level. As bulls stepped in, a significant obstacle at $250 was cleared, leading to further upside movement beyond $255.
BNB gained over 5% traction, surpassing both Bitcoin and Ethereum, to form a new multi-week high near $267.9. The price is now consolidating its gains and is currently trading above $255 and the 100 simple moving average (4 hours). Additionally, a major bullish trend line with support at $253.5 is forming on the 4-hour chart of the BNB/USD pair.
Currently, if the price continues to rise and surpasses the $268 level, it could potentially test $280. A clear move above $280 would open the door for a larger increase toward the $300 resistance.
Source: BNBUSD on TradingView.com
Potential Downside Correction
If BNB is unable to surpass the $265 resistance, there is a possibility of a downside correction. Initial support is expected near the $260 level, with further major support near $255. The main support stands at $253 or the trend line, close to the 50% Fib retracement level.
A downside break below the $253 support could cause the price to drop toward the $245 support. Subsequently, more losses could lead to a larger decline toward the $238 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $260, $255, and $253.
Major Resistance Levels – $265, $268, and $280.
Hot Take: BNB on a Bullish Run
BNB’s recent surge above key resistance levels indicates a bullish momentum. With potential further upside, a clear move above $280 could signal a significant increase toward the $300 resistance.
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