BNB (Binance Coin) price started a fresh rally with support at $265 against the US Dollar. BNB is trading in a positive zone and it may clear the $350 resistance area soon.
- Binance coin price rose above the $300 and $320 resistance levels against the US Dollar.
- The price is now trading above $300 and the 100 simple moving average (4-hours).
- There are two major bullish trend lines forming with support near $320 and $315 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair may resume its rally soon unless there is a break below the $300 support area.
Binance Coin price remains in an uptrend
After forming a base above the $265 level, BNB price started a strong upward move. The bulls took control, resulting in a rise above the $280 and $285 resistance levels.
There was a rise in price after breaking the $300 barrier and the 100 simple moving average (4-hours). Finally, there was a move above the $335 level and a new monthly high was formed at $337. Recently, there was a slight downside correction below the $330 level, similar to Bitcoin and Ethereum.
The price tested the 23.6% Fib retracement level of the upward move from the $263 low to $337 high. An initial support is near the $320 level. There are two major bullish trend lines forming with support near $320 and $315 on the 4-hours chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
The first major support is near the $312 level. The next major support is near the $300 level or the 50% Fib retracement level of the upward move from the $263 low to $337 high. If there is a downside break below the $300 support, there could be an extended decline towards the $280 support.
BNB further bullish?
If BNB fails to hold steady above $320 or $300, it could start a fresh rise. On the upside, the $328 and $330 levels are acting as immediate hurdles.
The next major resistance is near the $335 level, above which the price is likely to test the $350 level in the near term. Any further gains could send the price towards the $400 level.
4-hours MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well above the 60 level.
Key Support Levels – $320, $312 and $300.
Key Resistance Levels – $330, $335 and $350.