BNB Price is Surging as The Gates To $400 Are Now Open

BNB price (Binance coin) found support near $300 against the US Dollar. BNB rallied above $320 and might aim more upsides towards the $400 level. Binance coin price started a steady increase from the $300 support against the US Dollar. The price is now trading above $320 and the 100 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair (data source from Binance). The pair could is rising and might [...]

BNB price (Binance coin) found support near $300 against the US Dollar. BNB rallied above $320 and might aim more upsides towards the $400 level.

• Binance coin price started a steady increase from the $300 support against the US Dollar.
• The price is now trading above $320 and the 100 simple moving average (4-hours).
• There was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair (data source from Binance).
• The pair could is rising and might climb further above the $335 resistance zone.

Binance Coin Price Rallies Over 5%

This past week, BNB price formed a support base above the $300 level. The bulls were active and they were able to pump the price above the $310 and $312 resistance levels.

The price is up over 5% in a day and there was a move above the $320 resistance. Besides, there was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair. The pair is now showing positive signs, similar to bitcoin and ethereum.

BNB traded as high as $332 and is currently consolidating gains. It is now trading above $320 and the 100 simple moving average (4-hours). It is also well above the 23.6% Fib retracement level of the upward move from the $301 swing low to $332 high.

Source: BNBUSD on TradingView.com

On the upside, the bears are protecting the $332 and $332 resistance levels. The next major resistance is near the $350 level, above which the price is likely to aim a test of the $400 level in the near term. Any more gains might send the price towards the $420 level.

Dips Supported in BNB?

If BNB fails to clear the $335 resistance, it could start a downside correction. An initial support on the downside is near the $325 level.

The first major support is near the $315 level. It is near the 50% Fib retracement level of the upward move from the $301 swing low to $332 high. The next major support is near the $308 level. If there is a downside break below the $308 support, there could be an extended decline towards the $300 support.

Technical Indicators

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

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

Major Support Levels – $325, $315 and $308.

Major Resistance Levels – $335, $350 and $400.

Source: NewsBTC