Home CryptocurrencyAnalysis Indicators suggest a strong case for upside to $320

Indicators suggest a strong case for upside to $320

by SuperiorInvest

The price of BNB (Binance coin) found support near $250 against the US dollar. BNB is rising and may pick up pace if it clears the $300 resistance zone.

  • Binance coin price started a wave of recovery from the $250 support against the US dollar.
  • The price is now trading above $280 and the 100 simple moving average (4 hours).
  • On the 4-hour chart of the BNB/USD pair (data source from Binance), there was a break above the main bearish trend line with resistance near $262.
  • The pair could continue to rally if it breaks the $295 and $300 levels.

Binance coin price starts to rise again

After a strong decline, the price of BNB even settled below the $300 level. It tested the $250 support zone and traded as high as $249.7. The bulls built near $250 and the price started a wave of recovery, similar bitcoin and ethereum.

The price climbed above the $265 and $270 resistance levels. There was a clear move above the 23.6% Fib retracement level of the downward move from the $361 swing high to the $249 swing low.

In addition, there was a break above the main bearish trendline with resistance near $262 on the 4-hour chart of the BNB/USD pair. The pair is now trading above $280 and the 100 simple moving average (4 hours).

Source: BNBUSD on TradingView.com

On the downside, the $295 and $300 levels represent immediate obstacles. The 50% Fib retracement level of the move down from the $361 swing high to the $249 swing low is also near $305. Another major resistance is near the $320 level, above which the price is likely to target a test of the $345 level in the near term. Any further gains could send the price towards the $360 level.

Another drop in BNB?

If BNB fails to clear the $300 resistance, a new decline may begin. Initial downside support is near the $280 level and the 100 simple moving average (4 hours).

The first major support is near the $270 level. Another major support is near the $250 level. If there is a break below the $250 support, a longer decline towards the $220 support is possible.

Technical indicators

4-Hours MACD – MACD for BNB/USD is gaining momentum in the bullish zone.

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

Major support levels – $280, $270 and $260.

Major resistance levels – $300, $305 and $320.

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