BNB price gained strength and climbed above the USD 250 resistance. It is showing positive signs and could recover towards the USD 272 resistance zone.
- The BNB price is moving higher above the USD 250 resistance.
- The price is now trading above $250 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance around $252 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could continue to rise if there is a clear move above $258.
BNB price regains traction
In recent days, BNB price formed a base above the $230 level. The price started a decent rise above the USD 240 and USD 242 resistance levels. In the past two sessions, it has even outperformed Ethereum and Bitcoin.
BNB broke the 76.4% Fib retracement level of the downward move from the $257.1 swing high to the $231.9 low. There was also a break above a key bearish trendline with resistance around $252 on the 4-hour chart of the BNB/USD pair.
It is now trading above $250 and the 100 simple moving average (4 hours). The current price action is positive and indicates more upside above the USD 258 resistance zone.
The next resistance is near the $262 level. A clear move above the $262 zone could send the price rising further. In the said case, BNB price could test $272. It is close to the 1.618 Fib extension level of the downward move from the $257.1 swing high to the $231.9 low.
Source: BNBUSD on TradingView.com
A close above the USD 272 resistance could set the pace for a bigger rise towards the USD 285 resistance. Further gains could require a test of the $300 level.
Disadvantage correction?
If BNB fails to clear the USD 258 resistance, it could initiate a downward correction. The initial downside support is near the $248 level.
The next major support is near the $242 level. The main support is at $232. If there is a downside break below the USD 232 support, the price could fall towards the USD 222 support. Any further losses could trigger a bigger decline towards the $205 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 – $248, $242 and $232.
Major resistance levels – $258, $272 and $285.
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