Key Takeaways:
- BNB price started a strong increase above the $285 resistance.
- It broke a crucial bearish trend line with resistance near $285 on the 4-hours chart.
- The price could rise further towards the $325 and $340 resistance levels.
BNB climbed higher above $285 and $300. The price is showing bullish signs and might easily rise toward the $325 resistance.
BNB Price Aims Higher
In the past few days, there was a steady increase in BNB price against the US Dollar, similar to Bitcoin and Ethereum. The price formed a base near the $265 level and climbed above the $280 resistance.
There was a break above a crucial bearish trend line with resistance near $285 on the 4-hours chart. The bulls were able to pump the price above the $300 resistance zone and the 50-day simple moving average (blue).
BNB price 4-hours chart | Source: BNBUSD on TradingView.com
The upward move was such that the price climbed above the 61.8% Fib retracement level of the last major decline from the $327 swing high to $264 low. The price is now trading above the $300 resistance zone and the 50 simple moving average (blue, 4-hours).
On the upside, the price is facing resistance near the $312 zone. It is near the 76.4% Fib retracement level of the last major decline from the $327 swing high to $264 low.
The next major resistance could be near the $320 level. The main hurdle is near the $325 level. A clear move above the $320 and $325 resistance levels might start another decent increase. In the stated case, the price might test $340. Any more gains might send the price toward the $350 level.
Downside Correction?
If not, BNB price might start a downside correction from the $312 zone. An initial support is near the $300 level. The next major support is near the $290 zone, below which the price might test the 50 simple moving average (blue, 4-hours). Any more losses could open the doors for a move toward the $265 support zone.
Overall, BNB price is moving higher and showing a lot of positive signs above the $300 pivot level. If there is a clear move above the $312 resistance, the price might easily drift toward the $325 level or even $340 in the coming days. Conversely, there is a risk of a downside correction toward the $290 support or even $280 in the near term.
