BNB price is still consolidating above the 0 support zone against the US Dollar. It could start a decent increase if there is a close above the 0 resistance.
- BNB price is slowly moving higher toward the 0 resistance against the US Dollar.
- The price is now trading above 0 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near 1.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might gain bullish momentum if there is a daily close above 0.
BNB Price Remains In A Range
This past week, BNB price again retested the 0-2 support zone. The bears made another attempt to clear the key 0 support, but they failed. A low was formed near 3 before the price started a decent increase, like Bitcoin and Ethereum.
There was a move above the 0 and 2 levels. The price tested the main 0 resistance. A high is formed near 9.2 and the price is now consolidating above the 50% Fib retracement level of the upward move from the 3 swing low to the 0 high.
BNB is now trading above 0 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near 1.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
If there is a fresh increase, the price could face resistance near the 5.5 level. The next resistance sits near the 0 level. A clear move above the 0 zone could send the price further higher. In the stated case, BNB price could test 5. A close above the 5 resistance might set the pace for a larger increase toward the 0 resistance.
More Losses?
If BNB fails to clear the 0 resistance, it could start another decline. Initial support on the downside is near the 1 level and the trend line. The next major support is near the 7 level or the 76.4% Fib retracement level of the upward move from the 3 swing low to the 0 high.
If there is a downside break below the 7 support, the price could drop toward the 2 support. Any more losses could initiate a larger decline toward the 5 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – 1, 7, and 2.
Major Resistance Levels – 5, 0, and 2.