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NewsBTC 2024-03-08 07:28:23

BNB Price Zooms 10%, Here Are Next Possible Barriers For Bulls

BNB Price Zooms 10%, Here Are Next Possible Barriers For Bulls

BNB price is gaining bullish momentum above the $450 resistance. The price is signaling a strong uptrend and might soon surpass the $500 resistance. BNB price is showing bullish signs above the $450 resistance level. The price is now trading above $465 and the 100 simple moving average (4 hours). There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair could continue to rise toward the $500 resistance zone or even $520. BNB Price Extends Rally In the last BNB price prediction, we discussed the chances of more gains above the $400 resistance zone. The bulls did remain active and were able to push the price above the $400 level. BNB is now outperforming Bitcoin and Ethereum with a move above the $450 resistance. There was a break above a connecting trend line with resistance at $430 on the 4-hour chart of the BNB/USD pair. It is up over 10% today and trading above $470. A high was formed near $478 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $364 swing low to the $478 high. The price is now trading above $465 and the 100 simple moving average (4 hours). Immediate resistance is near the $475 level. The next resistance sits near the $488 level. A clear move above the $488 zone could send the price further higher. Source: BNBUSD on TradingView.com In the stated case, BNB price could test $500. A close above the $500 resistance might set the pace for a larger increase toward the $520 resistance. Any more gains might call for a test of the $542 level in the coming days. Dips Supported? If BNB fails to clear the $475 resistance, it could start a downside correction. Initial support on the downside is near the $4620 level. The next major support is near the $450 level. The main support sits at $420 or the 50% Fib retracement level of the upward move from the $364 swing low to the $478 high. If there is a downside break below the $420 support, the price could drop toward the $400 support. Any more losses could initiate a larger decline toward the $380 level. 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 – $460, $450, and $420. Major Resistance Levels – $475, $500, and $520.

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