BNB price is attempting a fresh increase from the 5 zone. The price could gain bullish momentum if it clears the 2 resistance zone.
- BNB price started a fresh increase after it found support near the 5 zone.
- The price is now trading below 5 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at 0 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it clears the 2 resistance zone.
BNB Price Faces Hurdles
After a downside correction below 0, BNB price found support near the 5 zone. A low was formed at 3.6 and the price started a recovery wave, like Ethereum and Bitcoin.
There was a move above the 5 and 0 resistance levels. The bulls pushed the price above the 0 pivot level and the 23.6% Fib retracement level of the downward move from the 0 swing high to the 3 low. There was also a break above a key bearish trend line with resistance at 0 on the 4-hour chart of the BNB/USD pair.
The price is still trading below 0 and the 100 simple moving average (4 hours). Immediate resistance is near the 5 level. The next resistance sits near the 2 level or the 50% Fib retracement level of the downward move from the 0 swing high to the 3 low.
Source: BNBUSD on TradingView.com
A clear move above the 2 zone could send the price further higher. 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.
Another Decline?
If BNB fails to clear the 2 resistance, it could start another decline. Initial support on the downside is near the 2 level.
The next major support is near the 0 level. The main support sits at 5. If there is a downside break below the 5 support, the price could drop toward the 0 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 bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – 2, 0, and 5.
Major Resistance Levels – 5, 2, and 0.