• BNB price found support near $300 against the US Dollar and rallied above $320.
• The bulls were active and they were able to pump the price above the $310 and $312 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.
Binance Coin Price Rallies Over 5%
Binance coin price started a steady increase from the $300 support against the US Dollar. The price is now trading above $320 and 100 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near $320 on 4-hours chart of BNB/USD pair (data source from Binance).
Upside Resistance for BNB
The bulls were active and they managed to push BNB price above the $310 and 312 resistance levels. The pair is now showing positive signs similar to Bitcoin and Ethereum, trading as high as 332$. It is also well above 23.6% Fib retracement level of upward move from 301 swing low to 332 high. However, bears are protecting 332$ and 335$ resistance levels.
Dips Supported for BNB
If BNB fails to clear 335$ resistance, it could start downside correction. An initial support on downside is near 325$. First major support is at 315$, which is around 50% Fib retracement level of upward move from 301 swing low to 332 high. Next major support could be 308$. If there’s downside break below 308$, there could be extended decline towards 300$ support area.
Technical Indicators For BNB
4-Hours MACD – MACD for BNB/USD are gaining pace in bullish zone while 4-Hours RSI (Relative Strength Index) – RSI for BNBus trading around 65 levels with no sign of bearish divergence yet. In addition, Major Support Level – 300$, Major Resistance Level – 350$.
BNB has found strong support near 300$ against US Dollar; however it needs to clear 335$ resistance level in order to continue its rally towards 400$. On downside if fails, dips will be supported by 315$, 308$ & 300$ respectively