BNB Price Gearing For Another Lift-Off to $360: Rally Isn’t Over Yet

BNB is showing bullish signs above $280. The bulls seem to be in control and there are chances of a move towards the $360 level.

BNB Price Breaks Resistance

This past month, BNB saw a bearish wave below the $300 level against the US Dollar. There was a steady decline below the $260 and $250 support levels.

It even spiked below the $200 level and settled below the 50-day simple moving average (blue). Finally, the bulls took a stand near the $184 level. A base was formed near $185 and $200. The price started a steady increase above the $220 and $250 levels..

BNB’s daily price chart | Source: BNBUSD on TradingView.com

The price climbed above the 50% Fib retracement level of the key drop from the $337 high to $184 low. Besides, the price broke two key bearish trend lines with resistance $242 and $260 on the daily chart.

It is now trading above the $300 level and the 50-day simple moving average (blue). It is attempting an upside break above the 76.4% Fib retracement level of the key drop from the $337 high to $184 low. If the bulls succeed, the price may perhaps retest the $337 swing high.

The next major resistance could be near the $360 level or the 1.236 Fib extension level of the key drop from the $337 high to $184 low. Any more gains might send the price towards the $400 level.

Conversely, the price might fail to rise and start another drop below the $280 support zone. The next major support is near $242 and the 50-day simple moving average (blue), below which the price may perhaps dive towards $220. Any more losses could open the doors for a move towards $200.

Overall, the recent upside break has opened the doors for more gains above $310. If BNB bulls remain in action, the price might rise towards $337 and then $360 in the coming days. Conversely, there could be a downside correction below the $280 level. In the stated case, the price could decline towards the $242 and $240 support levels.