Resurgent BNB Price Sparks Bullish Momentum: Potential for a 15% Rally Ahead

Resurgent BNB Price Sparks Bullish Momentum: Potential for a 15% Rally Ahead

BNB Price Gains Momentum Above $250 Resistance

BNB price has gained significant momentum, surpassing the crucial $250 resistance level. The current uptrend indicates a potential move towards the $300 mark, with a notable increase of over 5%.

Technical Analysis

BNB price is currently trading above the $255 level and the 100 simple moving average (4 hours). On the 4-hour chart of the BNB/USD pair (data source from Binance), a major bullish trend line is forming with support at $253.5. The pair’s upward movement may persist if there is a clear break above the $268 level.

BNB Price Jumps 8%

In recent days, BNB price demonstrated stability above the $240 resistance, prompting bullish activity. The successful clearance of the $250 hurdle opened doors for further upside potential, with BNB gaining over 5% and outperforming both Bitcoin and Ethereum.

BNB gained traction and climbed above $260, forming a new multi-week high near $267.9. The current consolidation of gains places the price above the 23.6% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high. Moreover, BNB is trading above $255 and the 100 simple moving average (4 hours), indicating a positive trend.

If the bullish momentum continues, the $265 and $268 levels may act as resistance. A decisive move above $268 could propel the price towards $280. A subsequent close above the $280 resistance might set the stage for a larger increase towards the $300 resistance.

Downside Correction?

Should BNB struggle to surpass the $265 resistance, a downside correction could ensue. Initial support is expected near the $260 level, followed by significant support at $255. The main support zone lies at $253, marked by the bullish trend line. A break below this level could lead to a decline towards the $245 support. Further losses may trigger a larger decline towards 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.

Key Levels

  • Major Support Levels – $260, $255, and $253.
  • Major Resistance Levels – $265, $268, and $280.