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Home»Analysis»BNB Price Signals Bullish Exhaustion, Are Dips Attractive in the Short Term?
Analysis

BNB Price Signals Bullish Exhaustion, Are Dips Attractive in the Short Term?

2024-01-18No Comments3 Mins Read
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BNB price is struggling to break the USD 320 resistance zone. It could drop towards the $288 support zone before bulls target another surge.

  • BNB price is struggling to gain traction above the USD 320 resistance.
  • The price is now trading near USD 310 and the 100 simple moving average (4 hours).
  • A large descending channel or bullish flag pattern is forming with resistance around $316 on the 4-hour chart of the BNB/USD pair (Binance data source).
  • The pair could continue to rise if it remains above the USD 288 and USD 282 support levels.

BNB price holds support

After forming a base above the USD 280 level, BNB price started a decent increase. There was a move above the USD 305 and USD 315 resistance levels. However, the bears seem to be active near the $320 zone.

A high was formed around $320 and the price is now correcting gains. However, the disadvantages are limited compared to Bitcoin and Ethereum. There was a move below the USD 312 level. The price is now approaching the 50% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

The BNB price is now trading near $310 and the 100 simple moving average (4 hours). There is also a large descending channel or bullish flag pattern forming with resistance around $316 on the 4-hour chart of the BNB/USD pair.

BNB price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $315 level or in the channel region. The next resistance is near the $320 level. A clear move above the $320 zone could see the price rise further. 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.

See also  Billionaire Mike Novogratz Flips Bullish on Worldcoin, Says Bad Idea To Defy Sam Altman’s Crypto Project: Report

More disadvantages?

If BNB fails to clear the resistance at $315, the price may continue to decline. Initial support on the downside is near the $300 level or the 61.8% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

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 282 support. Any further losses could trigger a bigger decline towards the $262 level.

Technical indicators

4-hour MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major support levels – USD 300, USD 292 and USD 288.

Major resistance levels – $315, $320 and $325.

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.

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attractive BNB Bullish Dips Exhaustion Price Short Signals term
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