BNB Price Prediction: This Scenario Could Trigger New Rally, Support To Watch

BNB Price Prediction | Photo by Andy Hermawan on Unsplash

BNB is holding the key $280 support zone. The price might start a strong increase if there is a clear move above $288 and $300.

BNB Price Faces Resistance

In the past few days, BNB price made a couple of attempts to gain strength for a move above $300 against the US Dollar. However, the price failed to clear the $300 barrier and corrected lower.

Earlier, the price formed a medium term top near the $336 level and started a downside correction. There was a move below the $305 and $300 support levels, which later acted as a hurdle. There was a move below the 23.6% Fib retracement level of the key wave from the $185 swing low to $336 high.

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

The price settled below the $300 level and the 50-day simple moving average (blue). However, the bulls were active near the $260 support zone.

The 50% Fib retracement level of the key wave from the $185 swing low to $336 high is also acting as a strong support. The bears already made a few attempts to clear the $260 support, but they failed. BNB price is now consolidating near the $275 level, similar to bitcoin and ethereum.

On the upside, the price is facing resistance near the $280 zone and the 50-day simple moving average (blue). The next major resistance could be near the $288 level.

There is also a major bearish trend line forming with resistance near $285 on the daily chart. A clear move above the trend line resistance might increase the chances of a wave above $300. In the stated case, the price might test $335. Any more gains might send the price towards the $350 level.

If not, thee price might drop below the key $260 support zone. The next major support is near the $242 zone. Any more losses could open the doors for a move towards the $220 support zone.

Overall, BNB price is trading above a crucial support at $260. If BNB remains stable above the $260 support, the price might rise towards $335 and then $350. Conversely, there could be a downside break below the $260 and $242 support levels.