BNB Price Momentum Reignites – Why Bulls Could Aim For 15% Rally
BNB price gained momentum and climbed above the $250 resistance.
It is up over 5% and the bulls could soon aim for a move toward the $300 level.
BNB price is moving higher above the $250 resistance.
The price is now trading above $255 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if there is a clear move above $268.
BNB Price Jumps 8% These past few days, BNB price remained stable above the $240 resistance.
The bulls stepped in and were able to clear a major hurdle at $250.
It opened the doors for more upsides above $255.
BNB gained traction and climbed above $260.
It is up over 5% and outperforming both Bitcoin and Ethereum.
A new multi-week high is formed near $267.9 and the price is now consolidating gains.
It is above the 23.6% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high.
BNB is also trading above $255 and the 100 simple moving average (4 hours).
Besides, there is a major bullish trend line forming with support at $253.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com If there is a fresh increase, the price could face resistance near the $265 level.
The next resistance sits near the $268 level.
A clear move above the $268 zone could send the price further higher.
In the stated case, BNB price could test $280.
A close above the $280 resistance might set the pace for a larger increase toward the $300 resistance.
Downside Correction? If BNB fails to clear the $265 resistance, it could start a downside correction.
Initial support on the downside is near the $260 level.
The next major support is near the $255 level.
The main support sits at $253 or the trend line.
It is close to the 50% Fib retracement level of the upward move from the $238.9 swing low to the $267.9 high.
If there is a downside break below the $253 support, the price could drop toward the $245 support.
Any more losses could initiate a larger decline toward the $238 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 – $260, $255, and $253.
Major Resistance Levels – $265, $268, and $280….