Charted: Binance Coin (BNB) Gains Momentum, Why Dips Are Attractive
Binance coin price found support near $200 and started a fresh increase against the USDT. BNB is gaining momentum and it seems like the bulls are eyeing a fresh increase above $300.
- Binance coin price started a fresh increase above $220 and $230 against the USDT.
- The price is trading nicely above $250 and it is well above the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $215 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
- The pair is likely to continue higher above the $260 and $280 resistance levels in the near term.
Binance Coin Price Climbs above $250
After surging above $300, binance coin started a downside correction. BNB declined over $100 and it even spiked below $200. The price traded as low as $196 and it remained stable above the 100 simple moving average (4-hours).
Recently, there was a fresh increase above the $210 and $220 resistance levels. There was also a break above a major bearish trend line with resistance near $215 on the 4-hours chart of the BNB/USDT pair.
Source: BNBUSDT on TradingView.com
The pair even surpassed the 50% Fib retracement level of the key downward move from the $280 swing high to $196 low. It is now trading nicely above $260, and outperformed bitcoin and ethereum. An immediate resistance is near the $260 level.
The 76.4% Fib retracement level of the key downward move from the $280 swing high to $196 low is acting as a resistance. The next major resistance is near the $275 level, above which the price could surge towards the $300 and $320 levels.
Dips Supported in BNB?
If BNB fails to continue higher above $260 and $280, there could be a fresh downside correction. The first major support is near the $238 level.
The next major support is near the $225 level. The main support is now forming near the $215 level and the 100 simple moving average (4-hours). A downside break below the $215 support could open the doors for a move below the $200 level.
4-Hours MACD – The MACD for BNB/USDT is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well above the 50 level.
Major Support Levels – $238, $225 and $215.
Major Resistance Levels – $260, $280 and $300.