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.
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.
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.
The planned date for the open mainnet launch in June is approaching, which could be…
Terraform Labs and its co-founder Do Kwon are pushing back against the U.S. Securities and…
Zurich, Switzerland, May 3rd, 2024, ChainwireGalaxis is preparing for this month's token launch on Bybit,…
Here is the top crypto news of the day curated by CoinChapter.com.
Solana's price recovered on May 1 following the recent crypto market plunge, which saw Bitcoin…
PEPE price rallied from the $0.00000515 support. It cleared the $0.00000750 resistance and eyes more…