BNB price is gaining bullish momentum above the 0 resistance. The price is showing positive signs and might extend its rally above 0.
- BNB price is up over 15% and it broke the 0 resistance zone.
- 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 at 8 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 price continued to rise and broke many hurdles near the 0 level.
BNB is now outperforming Bitcoin and Ethereum with a move above the 0 resistance. It is up over 10% today and trading above 0. A high was formed near 3 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 3 high.
The price is now trading above 0 and the 100 simple moving average (4 hours). Immediate resistance is near the 5 level. The next resistance sits near the 5 level. A clear move above the 5 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 0 level in the coming days.
Dips Limited?
If BNB fails to clear the 5 resistance, it could start a downside correction. Initial support on the downside is near the 0 level and the trend line.
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 3 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.