BNB Price Gains Momentum Above $320 Level Against USD
The Binance Coin (BNB) price is displaying bullish signs as it climbs above the $315 level against the US Dollar (USD). Trading above $320 and the 100 simple moving average (4 hours), BNB has experienced a break above a key bearish trend line with resistance near $312 on the 4-hour chart of the BNB/USD pair, according to data sourced from Binance. This positive movement could potentially lead to a new high above $350 in the near future.
BNB Price Regains Strength
In recent days, BNB price has established a strong support base above $300. The bullish momentum has been ignited by Bitcoin’s rally above the $30,000 resistance, resulting in positive movements in Ethereum and BNB as well.
Furthermore, there was a notable break above a key bearish trend line with resistance near $312 on the 4-hour chart of the BNB/USD pair. The pair has also climbed above the 50% Fibonacci retracement level of the downward move from the $347 swing high to the $305 low.
As of now, BNB price is trading above $320 and the 100 simple moving average (4 hours). The immediate resistance is expected near the $330 zone, which is close to the 61.8% Fibonacci retracement level of the downward move from the $347 swing high to the $305 low.
If BNB manages to clear the $330 resistance, it could potentially trigger further bullish moves. The next major resistance level is anticipated near the $348 level, with the main resistance forming around the $350 zone. A successful breach of this level might result in a rise towards the $365 resistance. Further gains could potentially push the price towards the $380 level.
Dips Limited in BNB?
In the event that BNB fails to surpass the $330 resistance, a downside correction might occur. The initial support on the downside is expected near the $320 level, followed by the first major support near the $315 level or the 100 simple moving average (4 hours). The subsequent major support is projected near the $305 level. However, if the price breaks below the $305 support, there could be a prolonged decline towards the $280 support.
Conclusion
The Binance Coin (BNB) price has been showing bullish signs as it gains momentum above the $320 level against the US Dollar (USD). With the possibility of further upward movements towards $350 or higher, BNB continues to be a notable cryptocurrency to watch in the near term.
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