BNB Price Holds Strong At $280, Why Rally Isn’t Over Yet

BNB Price Holds Strong At $280 | Photo by Kanchanara on Unsplash

BNB is holding gains above the $280 support. The bulls may perhaps aim a fresh rally if they are able to protect the $260 support zone.

BNB Price Breaks Resistance

In the past few days, BNB price saw a decent increase from the $185 support zone against the US Dollar. The price was able to clear the $220 and $250 resistance levels.

There was a steady increase above the $280 resistance and the 50-day simple moving average (blue). Finally, the price moved above the $300 resistance level before the bears appeared. The bears took a stand near the $335 level.

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

It seems like the price failed to clear the 76.4% Fib retracement level of the key decline from the $337 high to $184 low. A high was formed near $336 and the price started a downside correction.

BNB declined below the $320 support level, but downsides were less compared to bitcoin and ethereum. There was a break below the 23.6% Fib retracement level of the upward move from the $183 swing low to $336 high.

The bulls are now protecting the key $280 support and the 50-day simple moving average (blue). There is also a key bullish trend line forming with support near $280 on the daily chart.

The next major support is near the $260 zone. It is near the 50% Fib retracement level of the upward move from the $183 swing low to $336 high. Any more losses could open the doors for a move towards the $220 support zone.

On the upside, the price is facing resistance near the $300 zone. The next major resistance could be near the $330 level or the recent high. A clear move above the $336 level could set the pace for a fresh increase. In the stated case, the price might test $355. Any more gains might send the price towards the $380 level.

Overall, BNB price is trading above a major support at $280 and the 50-day simple moving average (blue). If BNB bulls remain in action, the price might rise towards $335 and then $355. Conversely, there could be a downside break below the $280 and $260 support levels.