BNB Price Starts Its Journey Toward $500, Why Dips Turned Attractive
26 Février 2024 - 6:18AM
NEWSBTC
BNB price is gaining bullish momentum above the $350 resistance.
The price looks set for more gains above the $400 resistance in the
near term. BNB price is showing bullish signs above the $365
resistance level. The price is now trading above $375 and the 100
simple moving average (4 hours). There is a key bullish trend line
forming with support at $380 on the 4-hour chart of the BNB/USD
pair (data source from Binance). The pair could continue to rise
toward the $400 resistance zone or even $422. BNB Price Extends
Increase In the last BNB price prediction, we discussed the chances
of more gains above the $365 resistance zone. The bulls did remain
active and were able to push the price above the $375 level. BNB
outperformed Bitcoin and Ethereum with a move above the $380
resistance. A high was formed near $390 and the price is now
consolidating gains. It is trading above the 23.6% Fib retracement
level of the upward move from the $345 swing low to the $390 high.
The price is now trading above $375 and the 100 simple moving
average (4 hours). There is also a key bullish trend line forming
with support at $380 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com Immediate resistance is near the
$390 level. The next resistance sits near the $392 level. A clear
move above the $392 zone could send the price further higher. In
the stated case, BNB price could test $400. A close above the $400
resistance might set the pace for a larger increase toward the $422
resistance. Any more gains might call for a test of the $500 level
in the coming weeks. Dips Supported? If BNB fails to clear the $390
resistance, it could start a downside correction. Initial support
on the downside is near the $380 level and the trend line. The next
major support is near the $362 level or the 61.8% Fib retracement
level of the upward move from the $345 swing low to the $390 high.
The main support sits at $350. If there is a downside break below
the $350 support, the price could drop toward the $335 support. Any
more losses could initiate a larger decline toward the $315 level.
Technical Indicators 4-Hours MACD – The MACD for BNB/USD is gaining
pace in the bullish zone. 4-Hours RSI (Relative Strength Index) –
The RSI for BNB/USD is currently above the 50 level. Major Support
Levels – $380, $362, and $350. Major Resistance Levels – $390,
$400, and $422.
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