The BNB price has been gaining bullish momentum above the $350 resistance, indicating a potential for further gains above the $400 resistance in the near term. With bullish signs appearing above the $365 resistance level, the price is now trading above $375 and the 100 simple moving average (4 hours). A key bullish trend line is also forming with support at $380 on the 4-hour chart of the BNB/USD pair sourced from Binance. This suggests that the pair could continue to rise towards the $400 resistance zone, or even potentially reach $422.
In the last BNB price prediction, there was discussion of the chances of more gains above the $365 resistance zone. The bulls remained active and successfully pushed the price above the $375 level. BNB managed to outperform both Bitcoin and Ethereum by surpassing the $380 resistance level, reaching a high near $390. The price is currently consolidating gains, trading above the 23.6% Fib retracement level of the upward move from the $345 swing low to the $390 high. Additionally, it is trading above the 100 simple moving average (4 hours), with a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair.
Immediate resistance for BNB price is near the $390 level, with the next resistance sitting at $392. A clear move above the $392 zone could propel the price even higher, potentially leading to a test of $400. If the price manages to close above the $400 resistance, it could pave the way for a larger increase towards the $422 resistance level. Further gains may call for a test of the $500 level in the upcoming weeks. However, if BNB fails to clear the $390 resistance, a downside correction could be triggered. Initial support on the downside is near the $380 level and the trend line, followed by major support at $362 or the 61.8% Fib retracement level of the upward move.
In terms of technical indicators, the 4-hour MACD for BNB/USD is gaining pace in the bullish zone, while the 4-hour RSI (Relative Strength Index) is currently above the 50 level. Major support levels for BNB price include $380, $362, and $350, with major resistance levels at $390, $400, and $422.
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