Key Takeaways:
- BNB price started a strong increase above the $260 resistance.
- It broke a crucial bearish trend line with resistance near $250 on the daily chart.
- The price could rise further towards the $350 and $360 resistance levels.
New Delhi(Coinchapter.com): BNB climbed higher above $280 and $300. The price is showing bullish signs and might easily rise towards the $360 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 $220 level and climbed above the $250 resistance.
There was a break above a crucial bearish trend line with resistance near $250 on the daily chart. The bulls were able to pump the price above the $260 resistance zone and the 50-day simple moving average (blue).
BNB’s daily price chart | Source: BNBUSD on TradingView.com
The upward move gained pace above the 61.8% Fib retracement level of the last major drop from the $318 swing high to $219 low. The price is now trading above the $300 resistance zone and the 50-day simple moving average (blue).
On the upside, the price is facing resistance near the $320 zone. The next major resistance could be near the $340 level. It is close to the 1.236 Fib extension level of the last major drop from the $318 swing high to $219 low.
The main hurdle is near the $360 level. A clear move above the $350 and $360 resistance levels might start another decent increase. In the stated case, the price might test $400. Any more gains might send the price towards the $420 level.
Dips Limited in BNB?
If not, the price might start a downside correction from the $320 zone. An initial support is near the $295 level. The next major support is near the $280 zone, below which the price might test the 50-day simple moving average (blue). Any more losses could open the doors for a move towards the $240 support zone.
Overall, BNB price is slowly moving higher and showing a lot of positive signs above the $300 pivot level. If there is a clear move above the $320 resistance, the price might easily drift towards the $360 level. The next key target sits at $400. Conversely, there is a risk of another decline towards the $260 support or even $240 in the near term.
