Binance Coin (BNB) Regains Strength, Bulls Aim Fresh Break above $300

0
112

The price of Binance coins started a new rally above the $ 250 resistance against the USDT. The NBB is gaining momentum and is likely to break the $ 300 mark in the near future.

  • The price of Binance coins started a new rally above the $ 250 and $ 260 resistance levels against the USDT.
  • The price is now trading well above USD 260 and the simple moving average of 100 (4 hours).
  • A major bullish trendline is forming on the 4-hour chart of the BNB / USDT pair (data source from Binance) with support near USD 245.
  • The pair is likely to resume its uptrend above the USD 285 and USD 290 resistance levels in the near future.

Binance Coin Price Revisit $ 300

After the Binance coin formed a base above $ 200, it rose again. The BNB broke the USD 220 resistance and recently crossed the main USD 250 resistance zone.

It opened the doors to a sharp rally above the USD 275 and USD 285 resistance levels. The price was $ 297 and is currently corrected lower. The BNB fell below the 23.6% Fib retracement level of the move up from the low of $ 214 to the high of $ 297.

Source: BNBUSDT on TradingView.com

It’s still trading well above $ 260 and the simple moving average of 100 (4 hours). The bulls are protecting the USD 265 and USD 260 support levels. The next big support is near the $ 255 level. It is close to the 50% Fib retracement level of the move up from the low of $ 214 to the high of $ 297.

A major bullish trendline is also forming on the 4-hour chart of the BNB / USDT pair with support near USD 245. On the upside, the bulls face resistance near the USD 285 and USD 290 levels. The main resistance is still near the $ 300 level, above which the price is likely to rise higher in the near future.

Dips in BNB supported?

If the BNB stops rising above $ 285 and $ 295, a new downside correction could occur. The first major support is near the $ 255 level.

The next big support is near the $ 245 level and trend line. If there is a downside break below trendline support, it could see a decline towards the USD 220 support zone.

Technical indicators

4 Hour MACD – The MACD for BNB / USDT is picking up pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for BNB / USDT is currently well above the 50 level.

Major support levels – $ 265, $ 255, and $ 245.

Main Resistance Levels – $ 285, $ 295, and $ 300.