Key Takeaways:
- BNB’s price is attempting an upside break above the $330 resistance.
- A crucial bearish trend line is forming with resistance near $330 on the 4-hour chart.
- The price could rise further if it pops above $330 and $335.
NEW DELHI (CoinChapter.com) — BNB recovered losses and climbed above $325, while Bitcoin and Ethereum extended losses. It is now facing strong resistance near $330.
BNB Price Aims Higher
In the past few days, there was a steady increase in BNB price from $315 to the US dollar. The price cleared the $320 resistance zone to move into a positive zone.
The bulls protected losses in BNB, while Bitcoin and Ethereum declined over 10%. There was a clear move above the 23.6% Fib retracement level of the downward move from the $352 swing high to the $315 low.
The bulls now face a strong resistance near the $330 level and the 50 simple moving average (4 hours, blue). A crucial bearish trend line is forming with resistance near $330 on the 4-hour chart.
The next major resistance could be near the $334 level or the 50% Fib retracement level of the downward move from the $352 swing high to the $315 low.
A close above-the-trend line resistance and then $334 could set the stage for a decent increase. The next stop for the bulls could be $343, above which BNB might gain bullish momentum. After that, more gains might send the price toward the $350 level.
Bearish Reaction?
If not, BNB price might face rejection near the $330 level. Initial support is near the $327 level. The next major support is near the $322 zone, below which the price might test $320. Any more losses could open the doors for a move toward the $315 support zone.
In the stated case, a move toward the $305 support is also risky.
Overall, BNB price is consolidating above the $325 level and attempting a bullish break above the $330 resistance. However, if there is a clear move above the $330 resistance, the price might easily drift toward the $343 level or even $350 in the coming days.
Conversely, there is a risk of a bearish reaction toward the $320 support or even $315 in the near term.
