The Rise of BNB Price: A Bullish Momentum

The Rise of BNB Price: A Bullish Momentum

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.

Disclaimer

It is important to note that the article provided is for educational purposes only and does not reflect the opinions of NewsBTC on investment decisions. Investing carries inherent risks, and it is advisable to conduct thorough research before making any investment choices. Any information provided on this website should be used at your own risk.

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