BNB Price Starts Its Journey Toward $500, Why Dips Turned Attractive

Aayush Jindal

1 year ago

2 mins read

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BNB price is gaining bullish momentum above the $350 resistance. The price looks set for more gains above the $400 resistance in the near term.

BNB price is showing bullish signs above the $365 resistance level.
The price is now trading above $375 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could continue to rise toward the $400 resistance zone or even $422.

BNB Price Extends Increase

In the last BNB price prediction, we discussed the chances of more gains above the $365 resistance zone. The bulls did remain active and were able to push the price above the $375 level.

BNB outperformed Bitcoin and Ethereum with a move above the $380 resistance. A high was formed near $390 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $345 swing low to the $390 high.

The price is now trading above $375 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $380 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

Immediate resistance is near the $390 level. The next resistance sits near the $392 level. A clear move above the $392 zone could send the price further higher. In the stated case, BNB price could test $400. A close above the $400 resistance might set the pace for a larger increase toward the $422 resistance. Any more gains might call for a test of the $500 level in the coming weeks.

Dips Supported?

If BNB fails to clear the $390 resistance, it could start a downside correction. Initial support on the downside is near the $380 level and the trend line.

The next major support is near the $362 level or the 61.8% Fib retracement level of the upward move from the $345 swing low to the $390 high. The main support sits at $350. If there is a downside break below the $350 support, the price could drop toward the $335 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 Levels – $380, $362, and $350.

Major Resistance Levels – $390, $400, and $422.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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