BNB price is on the rise, poised for further gains above key resistance levels. Analysis includes support, resistance, and technical indicators.

Recent developments in the BNB market suggest a strengthening bullish trend, particularly evident in the price surpassing the $350 resistance mark. Analysts anticipate further upward momentum, projecting potential gains beyond the $400 threshold in the immediate future.

  • Current indicators reveal positive trends above the $365 resistance level.
  • Trading data highlights BNB's price position above $375, coupled with the 100 simple moving average over a 4-hour period.
  • An essential bullish trend line is forming, indicating support at $380 on the 4-hour chart of the BNB/USD pair, according to data sourced from Binance.
  • Market forecasts suggest a continued upward trajectory, possibly reaching the $400 resistance zone, and potentially extending towards $422.

BNB Price Movement

Recent observations align with previous predictions, as BNB's value surged above the $365 resistance zone, propelled by active bullish activity.

Outperforming counterparts like Bitcoin and Ethereum, BNB exceeded the $380 resistance, achieving a peak around $390 before entering a consolidation phase. The current trading status maintains levels above the 23.6% Fib retracement from the $345 swing low to the $390 high.

Additionally, BNB remains above $375, supported by the 100 simple moving average over a 4-hour period, alongside the critical bullish trend line at $380 on the BNB/USD pair's 4-hour chart.

Source: BNBUSD on TradingView.com

Immediate hurdles are evident around the $390 and $392 levels. A decisive breakthrough above $392 could pave the way for further advancements, potentially testing the $400 mark. Should BNB secure a close above $400, it could signal momentum towards the $422 resistance level. Analysts speculate that continued gains may lead to a challenge of the $500 threshold in the weeks ahead.

Support Levels and Potential Corrections

In the event BNB struggles to surpass the $390 resistance, a downside correction might ensue. Initial support is anticipated near $380, aligned with the established trend line.

Further support lies around the $362 mark or the 61.8% Fib retracement level from the recent upward movement. The primary support zone remains at $350. A breach below this level could trigger a downturn towards $335 support, potentially extending to the $315 level.

Technical analysis points towards an increasingly bullish MACD trend over the 4-hour period for BNB/USD. The Relative Strength Index (RSI) also reflects positivity, currently positioned above the 50 level.

Key Support Levels: $380, $362, $350

Key Resistance Levels: $390, $400, $422