BNB Price Surges Over 5%, Why Bulls Could Aim For $400 In Feb 2024
BNB price is gaining bullish momentum from the $315 support zone.
The price could extend its rally above $375 and rise toward the $400 level in the near term.
BNB price is showing bullish signs above the $350 pivot level.
The price is now trading above $355 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could gather bullish momentum if there is a close above the $365 resistance zone.
BNB Price Regains Strength In the past few days, BNB price started a decent increase and cleared the $335 resistance zone.
There was a move above the $350 level to move into a positive zone, like Bitcoin and Ethereum.
The price even spiked above $365.
A high was formed near $366 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high.
BNB is now trading above $355 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair.
Immediate resistance is near the $365 level.
Source: BNBUSD on TradingView.com The next resistance sits near the $375 level.
A clear move above the $375 zone could send the price further higher.
In the stated case, BNB price could test $388.
A close above the $388 resistance might set the pace for a larger increase toward the $400 resistance.
Any more gains might call for a test of the $420 level.
Dips Supported? If BNB fails to clear the $365 resistance, it could start a downside correction.
Initial support on the downside is near the $355 level and the trend line.
The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high.
The main support sits at $335.
If there is a downside break below the $335 support, the price could drop toward the $322 support.
Any more losses could initiate a larger decline toward the $315 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 – $355, $342, and $335.
Major Resistance Levels – $365, $375, and $388….