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.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source: NewsBTC.com
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