Key Takeaways:
- BNB price rallied over 15% and outperformed bitcoin.
- It cleared a key bearish trend line with resistance near $280 on the daily chart.
- The price rallied to $360 and is currently correcting gains.
BNB price rallied above $300 and $330. The price traded as high as $361 and is currently correcting lower towards the key $300 support zone.
BNB Price Remains Well Supported
In the last BNB price prediction, we discussed about a crucial scenario to start a fresh rally against the US Dollar. The price remained well bid above the $260 level and started a fresh rally.
There was a clear move above the $280 and $285 resistance levels. Besides, the price cleared a key bearish trend line with resistance near $280 on the daily chart. It opened the doors for a steady increase above the $300 level and the 50-day simple moving average (blue).
BNB’s daily price chart | Source: BNBUSD on TradingView.com
The price even surged above the $330 resistance level, outperforming ethereum and bitcoin. Finally, it spiked above the $350 level and traded to a new multi-week high at $361.
Recently, there was a downside correction below the $340 level. The price traded below the 23.6% Fib retracement level of the recent rally from the $255 swing low to $361 high. It is slowly moving lower below the $335 level.
On the upside, the price is facing resistance near the $340 zone. The next major resistance could be near the $350 level. A clear move above the $350 and $360 resistance levels might start another rally.
In the stated case, the price might test $380. Any more gains might send the price towards the $400 level. If not, thee price might continue to move lower below the $325 level. The next major support is near the $310 zone.
The 50% Fib retracement level of the recent rally from the $255 swing low to $361 high is also near the $310 zone. Any more losses could open the doors for a move towards the $290 support zone or the 50-day simple moving average (blue).
Overall, BNB price rallied sharply above the $350 level and is currently correcting lower. It might move down towards the main $310 and $300 support levels before a fresh increase. If the bulls fail to protect the $300 support zone, there is a risk of a trend change in the near term.
