BNB Price Analysis: Positive Trends Signal Potential Rally Towards $350 Resistance

The current price of BNB is maintaining its gains above the crucial $300 level, displaying positive indicators that could propel it towards the resistance zone at $350.

Following a notable surge, BNB encountered resistance near the $340 zone, prompting a corrective downturn that tested the $290 zone. A low point was established around $289, and the current trend suggests a renewed uptick, aligning with movements observed in Bitcoin and Ethereum.

The bulls successfully propelled the price above the $295 and $300 levels, surpassing the 50% Fibonacci retracement level of the downward movement from the $332 swing high to the $289 low. As of now, BNB is trading near $310, alongside the 100 simple moving average over a 4-hour period.

The ongoing positive price action indicates potential further upside. Immediate resistance is around the $315 level, closely corresponding to the 61.8% Fibonacci retracement level of the decline from the $332 swing high to the $289 low.

Looking ahead, the next resistance is anticipated near the $322 level, marked by a significant declining channel or a bullish flag pattern on the 4-hour chart for the BNB/USD pair. An explicit breakthrough above the $322 threshold could propel the price higher.

In such a scenario, BNB might target $340, and surpassing the $340 resistance could set the stage for a more substantial climb towards the $350 resistance level. Further advancements may even prompt testing the $375 level.

On the flip side, if BNB struggles to overcome the $322 resistance, a corrective downward movement may initiate. Initial support lies near the $300 level, with the subsequent major support around $292. The primary support is positioned at $288, and a breach beneath this level could lead to a descent towards the $262 support. Further losses may trigger a more pronounced decline towards the $250 level.

Analyzing technical indicators, the 4-hour MACD for BNB/USD is gaining momentum in the bullish zone, while the 4-hour RSI is presently above the 50 level.

It’s essential to note that this article is for educational purposes only and does not reflect NewsBTC’s stance on investment decisions. All investment activities carry risks, and readers are advised to conduct their research before making any investment decisions, using the information provided on this website at their own risk.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

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