BNB price gained momentum and broke the $250 resistance. It is up over 5% and the bulls could soon target a move towards the $300 level.
- BNB price is moving up 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 feed from Binance).
- The pair could continue to rise if there is a clear move above $268.
BNB price rises 8%
These past few days, BNB price remained stable above the $240 resistance. The bulls intervened and were able to overcome a major hurdle at $250. It opened the doors to more benefits above $255.
BNB gained ground and rose above $260. It is up more than 5% and outperforms both Bitcoin and Ethereum. A new multi-week high forms 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 low of $238.9 to the high of $267.9.
BNB is also trading above $255 and the 100 simple moving average (4-hours). Additionally, a major bullish trend line is 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 rise, the price could face resistance near the $265 level. The next resistance lies near the $268 level. A clear move above the $268 zone could push the price up further. In the indicated case, the BNB price could test $280. A close above the $280 resistance could set the pace for a further rise towards the $300 resistance.
Downward correction?
If BNB fails to overcome the $265 resistance, it could start a downward correction. Initial support on the downside is near the $260 level. The next major support is near the $255 level.
The main support lies at $253 or the trend line. It is close to the 50% Fib retracement level of the upward move from the low of $238.9 to the high of $267.9. If there is a downside break below the $253 support, the price could fall towards the $245 support. Any further losses could start a further decline towards the $238 level.
Technical Indicators
4-hour MACD: The MACD for BNB/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Main support levels: $260, $255 and $253.
Main resistance levels: $265, $268 and $280.
