BNB price is gaining bullish momentum above the 0 resistance. The price is signaling a strong uptrend and might soon surpass the 0 resistance.
- BNB price is showing bullish signs above the 0 resistance level.
- The price is now trading above 5 and the 100 simple moving average (4 hours).
- There was a break above a connecting trend line with resistance at 0 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could continue to rise toward the 0 resistance zone or even 0.
BNB Price Extends Rally
In the last BNB price prediction, we discussed the chances of more gains above the 0 resistance zone. The bulls did remain active and were able to push the price above the 0 level.
BNB is now outperforming Bitcoin and Ethereum with a move above the 0 resistance. There was a break above a connecting trend line with resistance at 0 on the 4-hour chart of the BNB/USD pair. It is up over 10% today and trading above 0.
A high was formed near 8 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the 4 swing low to the 8 high.
The price is now trading above 5 and the 100 simple moving average (4 hours). Immediate resistance is near the 5 level. The next resistance sits near the 8 level. A clear move above the 8 zone could send the price further higher.
Source: BNBUSD on TradingView.com
In the stated case, BNB price could test 0. A close above the 0 resistance might set the pace for a larger increase toward the 0 resistance. Any more gains might call for a test of the 2 level in the coming days.
Dips Supported?
If BNB fails to clear the 5 resistance, it could start a downside correction. Initial support on the downside is near the 20 level.
The next major support is near the 0 level. The main support sits at 0 or the 50% Fib retracement level of the upward move from the 4 swing low to the 8 high. If there is a downside break below the 0 support, the price could drop toward the 0 support. Any more losses could initiate a larger decline toward the 0 level.
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 – 0, 0, and 0.
Major Resistance Levels – 5, 0, and 0.