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.
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