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BNB price (Binance coin) found support near $300 against the US Dollar. BNB rallied above $320 and might aim more upsides towards the $400 level.
- Binance coin price started a steady increase from the $300 support 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 major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could is rising and might climb further above the $335 resistance zone.
Binance Coin Price Rallies Over 5%
This past week, BNB price formed a support base above the $300 level. The bulls were active and they were able to pump the price above the $310 and $312 resistance levels.
The price is up over 5% in a day and there was a move above the $320 resistance. Besides, there was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair. The pair is now showing positive signs, similar to bitcoin and ethereum.
BNB traded as high as $332 and is currently consolidating gains. It is now trading above $320 and the 100 simple moving average (4-hours). It is also well above the 23.6% Fib retracement level of the upward move from the $301 swing low to $332 high.
Source: BNBUSD on TradingView.com
On the upside, the bears are protecting the $332 and $332 resistance levels. The next major resistance is near the $350 level, above which the price is likely to aim a test of the $400 level in the near term. Any more gains might send the price towards the $420 level.
Dips Supported in BNB?
If BNB fails to clear the $335 resistance, it could start a downside correction. An initial support on the downside is near the $325 level.
The first major support is near the $315 level. It is near the 50% Fib retracement level of the upward move from the $301 swing low to $332 high. The next major support is near the $308 level. If there is a downside break below the $308 support, there could be an extended decline towards the $300 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 – $325, $315 and $308.
Major Resistance Levels – $335, $350 and $400.
