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Binance Coin Price Rallies 35%

BNB Price Targets Fresh High Above $350, Bitcoin Drags Market Higher

Aayush Jindal by Aayush Jindal
2 months ago
in BNB
Reading Time: 2 mins read

BNB price (Binance coin) is gaining pace above the $320 level against the US Dollar. It could rise further toward $350 or higher, similar to Bitcoin.

  • Binance coin price is showing bullish signs above the $315 level against the US Dollar.
  • The price is now trading above $320 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $312 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could trade to a new high above $350 in the near term.

Binance Coin Price Regains Strength

In the past few days, BNB price formed a strong support base above the $300 level. Recently, Bitcoin started a strong rally above the $30,000 resistance, sparking bullish moves in Ethereum and BNB.

There was a break above a key bearish trend line with resistance near $312 on the 4-hour chart of the BNB/USD pair. The pair climbed above the 50% Fib retracement level of the downward move from the $347 swing high to the $305 low.

BNB price is now trading above $320 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $330 zone. It is close to the 61.8% Fib retracement level of the downward move from the $347 swing high to the $305 low.

BNB Price

Source: BNBUSD on TradingView.com

A clear move above the $330 resistance might spark bullish moves. The next major resistance is near the $348 level. The main resistance is forming near the $350 zone, above which the price might rise toward the $365 resistance. Any more gains might send the price toward the $380 level.

Dips Limited in BNB?

If BNB fails to clear the $330 resistance, it could start a downside correction. Initial support on the downside is near the $320 level.

The first major support is near the $315 level or the 100 simple moving average (4 hours). The next major support is near the $305 level. If there is a downside break below the $305 support, there could be an extended decline toward the $280 support.

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 Levels – $320, $315, and $305.

Major Resistance Levels – $330, $350, and $365.

Tags: Binance CoinBNBBNB PriceBNBUSDbnbusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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