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.
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