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….