BNB Price Momentum Reignites – Why Bulls Could Aim For 15% Rally

Aayush Jindal

1 year ago

2 mins read

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BNB price gained momentum and climbed above the $250 resistance. It is up over 5% and the bulls could soon aim for a move toward the $300 level.

BNB price is moving higher above the $250 resistance.
The price is now trading above $255 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if there is a clear move above $268.

BNB Price Jumps 8%

These past few days, BNB price remained stable above the $240 resistance. The bulls stepped in and were able to clear a major hurdle at $250. It opened the doors for more upsides above $255.

BNB gained traction and climbed above $260. It is up over 5% and outperforming both Bitcoin and Ethereum. A new multi-week high is formed near $267.9 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high.

BNB is also trading above $255 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

If there is a fresh increase, the price could face resistance near the $265 level. The next resistance sits near the $268 level. A clear move above the $268 zone could send the price further higher. In the stated case, BNB price could test $280. A close above the $280 resistance might set the pace for a larger increase toward the $300 resistance.

Downside Correction?

If BNB fails to clear the $265 resistance, it could start a downside correction. Initial support on the downside is near the $260 level. The next major support is near the $255 level.

The main support sits at $253 or the trend line. It is close to the 50% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high. If there is a downside break below the $253 support, the price could drop toward the $245 support. Any more losses could initiate a larger decline toward 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.

Major Support Levels – $260, $255, and $253.

Major Resistance Levels – $265, $268, and $280.

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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