16 February 2024
BNB price is gaining bullish momentum from the $315 support zone. The price could extend its rally above $375 and rise toward the $400 level in the near term.
BNB price is showing bullish signs above the $350 pivot level.
The price is now trading above $355 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could gather bullish momentum if there is a close above the $365 resistance zone.
BNB Price Regains Strength
In the past few days, BNB price started a decent increase and cleared the $335 resistance zone. There was a move above the $350 level to move into a positive zone, like Bitcoin and Ethereum.
The price even spiked above $365. A high was formed near $366 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high. BNB is now trading above $355 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $365 level.
Source: BNBUSD on TradingView.com
The next resistance sits near the $375 level. A clear move above the $375 zone could send the price further higher. In the stated case, BNB price could test $388. A close above the $388 resistance might set the pace for a larger increase toward the $400 resistance. Any more gains might call for a test of the $420 level.
Dips Supported?
If BNB fails to clear the $365 resistance, it could start a downside correction. Initial support on the downside is near the $355 level and the trend line.
The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high. The main support sits at $335. If there is a downside break below the $335 support, the price could drop toward the $322 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 – $355, $342, and $335.
Major Resistance Levels – $365, $375, and $388.