BNB Price Breaking This Confluence Resistance Could Spark a Significant Surge

Aayush Jindal

Last Updated: June 11, 2024 2:36 pm

2 mins read

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BNB price (Binance coin) is consolidating above the $320 support against the US Dollar. It could start a major increase if there is a break above $335.

Binance coin price is trading in a range above $320 resistance against the US Dollar.
The price is now trading below $330 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $333 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could start a fresh increase if it clears $333 and $335.

Binance Coin Price Holds Support

This past week, BNB price attempted an upside break above the $340 resistance. However, the bulls struggled to gain strength and the price corrected gains, similar to Bitcoin and Ethereum.

There was a move below the $330 support zone and the price tested $320. A low is formed near $320.8 and the price is now consolidating. It is now trading below $330 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $333 on the 4-hour chart of the BNB/USD pair.

On the upside, BNB is facing resistance near the $330 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the recent decline from the $339 swing high to the $320 low.

Source: BNBUSD on TradingView.com

The next major resistance is near the trend line or $335 or the 76.4% Fib retracement level of the recent decline from the $339 swing high to the $320 low. A clear move above the $335 resistance might spark bullish moves. The next major resistance is near the $340 level, above which the price might rise toward the $350 resistance. Any more gains might send the price toward the $365 level.

Another Drop in BNB?

If BNB fails to clear the $335 resistance, it could continue to move down. Initial support on the downside is near the $320 level.

The next major support is near the $315 level. If there is a downside break below the $315 support, there could be an extended decline toward the $300 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $320, $315, and $300.

Major Resistance Levels – $330, $335, and $345.

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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