BNB Price Close Above $340 Could Spark Larger Rally To $400
BNB price (Binance coin) is showing positive signs above the $320 level against the US Dollar. It could continue to move up if there is a break above the $340 resistance.
- Binance coin price is showing bullish signs above the $320 level against the US Dollar.
- The price is now trading above $315 and the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $330 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could accelerate gains if there is a clear move above the $340 resistance.
Binance Coin Price Eyes More Gains
In the past few days, BNB price saw a decent increase above the $300 resistance, similar to bitcoin and ethereum. There was a clear move above the $320 and $335 resistance levels.
However, the bulls failed to clear the $350 resistance zone. A high was formed near $347 and the price recently started a downside correction. There was a move below the $335 and $330 levels. The price declined below the 50% Fib retracement level of the upward move from the $300 swing low to $347 high.
However, BNB price is still trading above $315 and the 100 simple moving average (4-hours). It stayed above the 61.8% Fib retracement level of the upward move from the $300 swing low to $347 high.
On the upside, an immediate resistance is near the $330 zone. There is also a key contracting triangle forming with resistance near $330 on the 4-hours chart of the BNB/USD pair. The next major resistance is near the $335 level. The main resistance is forming near the $340 zone.
Source: BNBUSD on TradingView.com
A clear move above the triangle resistance and then $340 might send the price towards the $365 resistance. Any more gains might send the price towards the $400 level.
Downside Break in BNB?
If BNB fails to clear the $340 resistance, it could start another decline. An initial support on the downside is near the $322 level.
The first major support is near the $315 level or the 100 simple moving average (4-hours). The next major support is near the $300 level. If there is a downside break below the $300 support, there could be an extended decline towards the $280 support.
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 – $322, $315 and $300.
Major Resistance Levels – $330, $340 and $365.
Source: NewsBTC.com
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