Introduction
BNB price is currently striving for an upward move from the $288 zone, with the potential for a new rally if it successfully breaches the $310 resistance.
Technical Overview
BNB price is displaying bullish signs above the $300 pivot level. However, it currently trades below $310 and the 100 simple moving average (4 hours).
- A key bearish trend line is forming with resistance near $306 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair may gain bullish momentum upon a close above the $308-$310 resistance zone.
BNB Price’s Recent Movements
Over the past few days, BNB price initiated a notable increase, surpassing the $300 resistance zone, unlike Bitcoin and Ethereum. Despite reaching a high near $313, the price recently experienced a downside correction, falling below $308.
The current consolidation is observed near $305 and the 100 simple moving average (4 hours). Immediate resistance is at the $308 level, along with a key bearish trend line near $306 on the 4-hour chart of the BNB/USD pair.
The next hurdle is situated around the $310 level, and a clear move above this zone could propel the price higher. In such a scenario, BNB price might test $320, and a close above the $320 resistance could set the stage for a larger increase toward the $335 resistance. Further gains might lead to a test of the $350 level.
Possible Downside Scenario
If BNB struggles to surpass the $310 resistance, a continuation of downward movement is possible. Initial support on the downside is anticipated near the $300 level. Subsequently, the next major support is around $292 or the 76.4% Fib retracement level of the upward move from the $287 swing low to the $313 high.
The primary support level rests at $288. A downside break below this level could trigger a descent towards the $275 support, and further losses may lead to a more substantial decline toward the $262 level.
Technical Indicators
- 4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.
- 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Levels
- Major Support Levels – $300, $292, and $288.
- Major Resistance Levels – $308, $310, and $320.
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