BNB price is holding gains above the USD 300 pivot level. It is showing positive signs and could recover towards the USD 350 resistance zone.
- The BNB price is moving higher above the USD 300 resistance.
- The price is now trading near USD 310 and the 100 simple moving average (4 hours).
- A major descending channel or bullish flag pattern is forming with resistance around $325 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 $315 and $325
BNB price aims higher
After a big rise, BNB price faced resistance near the $340 zone. The price started a downward correction and recently tested the $290 zone. A low was formed around $289, and the price is now trying to rise again, just like Bitcoin and Ethereum.
There was a move above the USD 295 and USD 300 levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the $332 swing high to the $289 low. BNB is now trading near $310 and the 100 simple moving average (4 hours).
The current price action is positive and hints at more upside. The immediate resistance is near the $315 level. It is close to the 61.8% Fib retracement level of the downward move from the $332 swing high to the $289 low.
The next resistance is near the $322 level. There is also a major descending channel or bullish flag pattern forming with resistance around $325 on the 4-hour chart of the BNB/USD pair. A clear move above the $225 zone could see the price rise further.
Source: BNBUSD on TradingView.com
In the said case, BNB price could test $340. A close above the USD 340 resistance could set the pace for a bigger rise towards the USD 350 resistance. Further gains could require a test of the $375 level.
Disadvantage correction?
If BNB fails to clear the USD 322 resistance, it could initiate a downward correction. The initial downside support is near the USD 300 level.
The next major support is near the $292 level. The main support is at $288. If there is a downside break below the USD 288 support, the price could fall towards the USD 262 support. Any further losses could trigger a bigger decline towards the $250 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 300, USD 292 and USD 288.
Major resistance levels – $315, $322 and $325.
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