NEW DELHI (CoinChapter.com) — BNB trades in a positive zone above the $335 pivot level. The bulls seem in control and could soon pump the price above $400.
BNB Price Starts Steady Increase
Earlier this month, BNB steadily increased from the $288 support zone. Bitcoin and Ethereum jumped to new multi-week highs and lifted the market sentiment. It also dragged BNB higher as the bulls managed to push the price above the $300 handle.
The price broke a major contracting triangle with resistance at $310 on the daily chart. It opened the doors for a steady increase above the $335 pivot level. The price is over 20%, and a clear move was above the $365 resistance.
BNB trades well above the $365 resistance and the 50-day simple moving average (blue). A new multi-week high is formed near $387, and the price is now consolidating gains.
If there is a downside correction, the bulls might remain active near the $365 zone. It is now close to the 23.6% Fib retracement level of the recent increase from the $288 swing low to the $387 high. The first major support is now forming near the $335 pivot level.
There is also a connecting bullish trend line forming on the same chart. It is close to the 50% Fib retracement level of the recent increase from the $288 swing low to the $387 high. A daily close below the $325 support could increase selling pressure.
In the stated scenario, the BNB price might dive and revisit the $320 support region or the 50-day simple moving average (blue). If the bulls fail to protect $320, the bears could even aim for a test of $300.
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Are Dips Supported?
Conversely, the bulls might aim for more upsides above the $388 resistance. On the upside, the price faces resistance near the $392 zone. The next major resistance could be near the $400 level. A clear move above the $400 resistance might start another decent increase. In the stated case, the price might be $422. Any more gains might send the price toward the $445 resistance level.
Overall, BNB’s price signals a strong uptrend above the $365 and $335 levels. The bulls could soon aim for a clear move above the $400 barrier.
