Bullish Momentum Propels BNB Price Up by 5%: Potential Surge Towards $400 in February 2024

BNB Price Gains Bullish Momentum

BNB price is gaining bullish momentum from the $315 support zone. The price could extend its rally above $375 and rise toward the $400 level in the near term.

Bullish Signs and Key Levels

BNB price is showing bullish signs above the $350 pivot level. The price is now trading above $355 and the 100 simple moving average (4 hours). There is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair could gather bullish momentum if there is a close above the $365 resistance zone.

BNB Price Regains Strength

In the past few days, BNB price started a decent increase and cleared the $335 resistance zone. There was a move above the $350 level to move into a positive zone, like Bitcoin and Ethereum.

• The price even spiked above $365.
• A high was formed near $366, and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high.
• BNB is now trading above $355 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $365 level. The next resistance sits near the $375 level. A clear move above the $375 zone could send the price further higher. In the stated case, BNB price could test $388. A close above the $388 resistance might set the pace for a larger increase toward the $400 resistance. Any more gains might call for a test of the $420 level.

Dips Supported?

If BNB fails to clear the $365 resistance, it could start a downside correction. Initial support on the downside is near the $355 level and the trend line.

• The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high.
• The main support sits at $335.

If there is a downside break below the $335 support, the price could drop toward the $322 support. Any more losses could initiate a larger decline toward the $315 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.

Major Support and Resistance Levels

• Major Support Levels – $355, $342, and $335.
• Major Resistance Levels – $365, $375, and $388.