BNB Price Targets Fresh High Above $350, Bitcoin Drags Market Higher
BNB price (Binance coin) is gaining pace above the $320 level against the US Dollar. It could rise further toward $350 or higher, similar to Bitcoin.
- Binance coin price is showing bullish signs above the $315 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 key bearish trend line with resistance near $312 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could trade to a new high above $350 in the near term.
Binance Coin Price Regains Strength
In the past few days, BNB price formed a strong support base above the $300 level. Recently, Bitcoin started a strong rally above the $30,000 resistance, sparking bullish moves in Ethereum and BNB.
There was a break above a key bearish trend line with resistance near $312 on the 4-hour chart of the BNB/USD pair. The pair climbed above the 50% Fib retracement level of the downward move from the $347 swing high to the $305 low.
BNB price is now trading above $320 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $330 zone. It is close to the 61.8% Fib retracement level of the downward move from the $347 swing high to the $305 low.
Source: BNBUSD on TradingView.com
A clear move above the $330 resistance might spark bullish moves. The next major resistance is near the $348 level. The main resistance is forming near the $350 zone, above which the price might rise toward the $365 resistance. Any more gains might send the price toward the $380 level.
Dips Limited in BNB?
If BNB fails to clear the $330 resistance, it could start a downside correction. Initial support on the downside is near the $320 level.
The first major support is near the $315 level or the 100 simple moving average (4 hours). The next major support is near the $305 level. If there is a downside break below the $305 support, there could be an extended decline toward the $280 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 – $320, $315, and $305.
Major Resistance Levels – $330, $350, and $365.
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