BNB price is attempting a fresh increase from the 0 zone. The price could gain bullish momentum if it clears the 8 and 0 resistance levels.
- BNB price started a fresh increase above the 0 and 0 levels.
- The price is now trading above 5 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near 0 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could attempt a fresh rally if it clears the 0 resistance zone.
BNB Price Eyes Fresh Surge
After a downside correction from 5, BNB price found support near the 0 zone. A low was formed at 8 and the price started a fresh increase, like Ethereum and Bitcoin.
There was a move above the 0 and 0 resistance levels. The bulls pushed the price above the 50% Fib retracement level of the downward move from the 5 swing high to the 8 low. The price is now trading above 5 and the 100 simple moving average (4 hours).
There is also a key bullish trend line forming with support near 0 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the 8 level. It is close to the 61.8% Fib retracement level of the downward move from the 5 swing high to the 8 low.
Source: BNBUSD on TradingView.com
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. Any more gains might call for a test of the 0 level in the coming days.
Another Decline?
If BNB fails to clear the 0 resistance, it could start another decline. 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. 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 – 8, 0, and 0.