BNB Price Breaking This Confluence Resistance Could Spark a Significant Surge
2 min read
BNB price (Binance coin) is consolidating above the $320 support against the US Dollar. It could start a major increase if there is a break above $335.
- Binance coin price is trading in a range above $320 resistance against the US Dollar.
- The price is now trading below $330 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $333 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh increase if it clears $333 and $335.
Binance Coin Price Holds Support
This past week, BNB price attempted an upside break above the $340 resistance. However, the bulls struggled to gain strength and the price corrected gains, similar to Bitcoin and Ethereum.
There was a move below the $330 support zone and the price tested $320. A low is formed near $320.8 and the price is now consolidating. It is now trading below $330 and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $333 on the 4-hour chart of the BNB/USD pair.
On the upside, BNB is facing resistance near the $330 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the recent decline from the $339 swing high to the $320 low.
Source: BNBUSD on TradingView.com
The next major resistance is near the trend line or $335 or the 76.4% Fib retracement level of the recent decline from the $339 swing high to the $320 low. A clear move above the $335 resistance might spark bullish moves. The next major resistance is near the $340 level, above which the price might rise toward the $350 resistance. Any more gains might send the price toward the $365 level.
Another Drop in BNB?
If BNB fails to clear the $335 resistance, it could continue to move down. Initial support on the downside is near the $320 level.
The next major support is near the $315 level. If there is a downside break below the $315 support, there could be an extended decline toward the $300 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $320, $315, and $300.
Major Resistance Levels – $330, $335, and $345.
