BNB price (Binance coin) is up over 20% and trading above $320 against the US Dollar. It could continue to move up if there is a break above the $335 resistance.
- Binance coin price is showing bullish signs above the $320 level against the US Dollar.
- The price is now trading above $320 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $284 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could accelerate gains if there is a clear move above the $335 resistance.
Binance Coin Price Remains In Uptrend
In the past few days, BNB price saw a steady increase from the $265 support zone. The price cleared the $280 and $285 resistance levels to move into a positive zone, similar to bitcoin and ethereum.
Besides, there was a break above a major bearish trend line with resistance near $284 on the 4-hours chart of the BNB/USD pair. The pair even surged above the $320 resistance zone. It is up over 20% in a week and trading above the $315 resistance.
BNB price is now trading above $320 and the 100 simple moving average (4-hours). A high is formed near $334 and the price is consolidating gains well above the 23.6% Fib retracement level of the upward move from the $300 swing low to $334 high.
On the upside, an immediate resistance is near the $335 zone. The next major resistance is near the $342 level. The main resistance is forming near the $350 zone.
Source: BNBUSD on TradingView.com
A clear move above the trend line and then $350 might send the price towards the $365 resistance. Any more gains might send the price towards the $380 level.
Dips Limited in BNB?
If BNB fails to clear the $335 resistance, it could start a downside correction. An initial support on the downside is near the $325 level.
The first major support is near the $315 level or the 50% Fib retracement level of the upward move from the $300 swing low to $334 high. The next major support is near the $312 level. If there is a downside break below the $312 support, there could be an extended decline towards the $300 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $325, $312 and $300.
Major Resistance Levels – $335, $345 and $350.
Source: NewsBTC.com
