BNB price is gaining bullish momentum above the USD 450 resistance. The price signals a strong uptrend and could soon surpass the USD 500 resistance.
- BNB price is showing bullish signs above the USD 450 resistance level.
- The price is now trading above USD 465 and the 100 simple moving average (4 hours).
- There was a break above a connecting trendline with resistance at $430 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could continue to rise towards the USD 500 or even USD 520 resistance zone.
BNB Price Extends Rally
In the last BNB price prediction, we discussed the chances of more gains above the USD 400 resistance zone. The bulls remained active and managed to push the price above the USD 400 level.
BNB is now outperforming Bitcoin and Ethereum with a move above the USD 450 resistance. There was a break above a connecting trendline with resistance at $430 on the 4-hour chart of the BNB/USD pair. It is up more than 10% today and is trading above $470.
It made a high 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 USD 465 and the 100 simple moving average (4 hours). The immediate resistance is near the $475 level. The next resistance is near the $488 level. A clear move above the $488 zone could send the price rising further.
Source: BNBUSD on TradingView.com
In the said case, BNB price could test $500. A close above the USD 500 resistance could set the pace for a bigger rise towards the USD 520 resistance. Any further gains could require a test of the $542 level in the coming days.
Dips supported?
If BNB fails to clear the USD 475 resistance, it could initiate a downward correction. The initial downside support is near the $4620 level.
The next major support is near the $450 level. The key support is 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 USD 420 support, the price could fall towards the USD 400 support. Any further losses could trigger a bigger decline towards the $380 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – USD 460, USD 450 and USD 420.
Major resistance levels – $475, $500 and $520.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.