BNB Price Shows 8% Jump
Recently, BNB price has maintained stability over the $240 resistance level. As bulls stepped in, a whole lot of obstacle at $250 was cleared, leading to further upside movement beyond $255.
BNB gained over 5% traction, surpassing both Bitcoin (BTC) and Ethereum (ETH), to form a new multi-week high near $267.9. The price is now consolidating its gains and is as of now trading over $255 and the 100 simple moving average (4 hours). In addition, a major positive trend trend line with support at $253.5 is forming on the 4-hour chart of the BNB/USD pair.
As of now, if the price continues to rise and surpasses the $268 level, it might potentially test $280. A clear move over $280 would open the door for a larger increase toward the $300 resistance.
Source: BNBUSD on TradingView.com
Probable Downside Correction
If BNB is unable to surpass the $265 resistance, there is a likelihood 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, next to the 50% Fib retracement level.
A downside break below the $253 support could cause the price to fall toward the $245 support. Following that, 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 positive trend zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is as of now over 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 over key resistance levels indicates a positive trend momentum. With probable further upside, a clear move over $280 could signal a whole lot of increase toward the $300 resistance.
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