BNB price (Binance coin) found support near 0 against the US Dollar. BNB rallied above 0 and might aim more upsides towards the 0 level.
- Binance coin price started a recovery wave from the 0 support against the US Dollar.
- The price is now trading above 5 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near 0 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 0 resistance zone.
Binance Coin Price Climbs Higher
This past week, BNB price formed a support base above the 0 level. There was a strong recovery wave started above the 0 resistance zone.
There was a break above a major bearish trend line with resistance near 0 on the 4-hours chart of the BNB/USD pair. The pair gained pace above the 5 and 0 resistance levels. Yesterday, there was a push above the 0 resistance zone, similar to bitcoin and ethereum.
BNB traded as high as 3 and is currently consolidating gains. It is now trading above 5 and the 100 simple moving average (4-hours). It is also near the 23.6% Fib retracement level of the upward move from the 0 swing low to 3 high.
Source: BNBUSD on TradingView.com
On the upside, the bears are protecting the 0 and 5 resistance levels. The next major resistance is near the 2 level, above which the price is likely to aim a test of the 0 level in the near term. Any more gains might send the price towards the 0 level.
Dips Supported in BNB?
If BNB fails to clear the 0 resistance, it could start a downside correction. An initial support on the downside is near the 5 level.
The first major support is near the 2 level. It is near the 50% Fib retracement level of the upward move from the 0 swing low to 3 high. The next major support is near the 5 level. If there is a downside break below the 5 support, there could be an extended decline towards the 0 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 – 5, 2 and 5.
Major Resistance Levels – 0, 5 and 0.