BNB price is attempting a fresh increase from the 0 zone. The price cleared the 0 resistance and might extend its increase above 0.
- BNB price started a fresh increase after it cleared 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 2 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum if it clears the 8-0 resistance zone.
BNB Price Gains Strength
After forming a base above the 0 level, BNB price started a fresh increase. There was a steady increase above the 0 and 5 resistance levels, like Ethereum and Bitcoin.
The bulls pushed the price above the 0 pivot level and the 61.8% Fib retracement level of the downward wave from the 0 swing high to the 2 low. More importantly, the price is now trading above 0 and the 100 simple moving average (4 hours).
It is consolidating just above the 76.4% Fib retracement level of the downward wave from the 0 swing high to the 2 low. There is also a key bullish trend line forming with support at 2 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is near the 8 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 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.
Are Dips Supported?
If BNB fails to clear the 8 resistance, it could start a downside correction. Initial support on the downside is near the 2 level and the trend line.
The next major support is near the 5 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 2 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 – 2, 5, and 0.
Major Resistance Levels – 8, 0, and 0.