BNB is gaining pace above the $800 resistance level. The price traded to a new all-time high and the bulls could now aim for $1,000.
BNB Price Sets New High
After forming a base above the $500 zone, BNB started a major increase. The bulls were able to push the price above the $550 and $600 resistance levels. More importantly, there was a break above a key contracting triangle with resistance at $650 on the weekly chart.
In the past three weeks, BNB saw a major increase above the $700 level, beating Bitcoin. The price cleared many hurdles and climbed above the 76.4% Fib retracement level of the downward move from the $794 swing high to the $508 low.
BNB is now up over 10% in the past few sessions, and it is now stable above the 50-week simple moving average (blue). It traded to a new all-time high above $850. The current price action is positive, and the price seems to be consolidating gains.
The bulls could soon aim for a fresh increase. Immediate hurdle for them could be near the $860 level. It is close to the 1.236 Fib extension level of the downward move from the $794 swing high to the $508 low.
A clear move and close above the $860 resistance could open the doors for a move toward the $920 level. The next major resistance could be near the $932 level.
If there is a close above the $932 resistance level, the price might gain bullish momentum. In the stated case, the price might test $1,000. It is close to the 1.618 Fib extension level of the downward move from the $794 swing high to the $508 low.
Are Dips Supported?
If BNB price fails to clear the $860 resistance, it might start a downside correction. Immediate support is near the $820 level. The first major support is now forming near the $795 level.
The main support is $735. A daily close below $735 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $650 support region. If the bulls fail to protect $680, the bears could even aim for a test of $650 and the 50-week simple moving average (blue).
Overall, BNB price is showing positive signs above the $820 and $800 levels. A close above the $860 resistance could send the price toward $970 or even $1,000.
