BNB Price Prediction – Why Bulls Could Aim Fresh Rally To $350
12 Gennaio 2024 - 6:06AM
NEWSBTC
BNB price is holding gains above the $300 pivot level. It is
showing positive signs and might rally toward the $350 resistance
zone. BNB price is moving higher above the $300 resistance. The
price is now trading near $310 and the 100 simple moving average (4
hours). There is a key declining channel or a bullish flag pattern
forming with resistance near $325 on the 4-hour chart of the
BNB/USD pair (data source from Binance). The pair might continue to
move up if there is a clear move above $315 and $325 BNB Price Aims
Higher After a major increase, BNB price faced resistance near the
$340 zone. The price started a downside correction and recently
tested the $290 zone. A low was formed near $289, and the price is
now attempting a fresh increase, like Bitcoin and Ethereum. There
was a move above the $295 and $300 levels. The bulls pushed the
price above the 50% Fib retracement level of the downward move from
the $332 swing high to the $289 low. BNB is now trading near $310
and the 100 simple moving average (4 hours). The current price
action is positive and signals more upsides. Immediate resistance
is near the $315 level. It is close to the 61.8% Fib retracement
level of the downward move from the $332 swing high to the $289
low. The next resistance sits near the $322 level. There is also a
key declining channel or a bullish flag pattern forming with
resistance near $325 on the 4-hour chart of the BNB/USD pair. A
clear move above the $225 zone could send the price further higher.
Source: BNBUSD on TradingView.com In the stated case, BNB price
could test $340. A close above the $340 resistance might set the
pace for a larger increase toward the $350 resistance. Any more
gains might call for a test of the $375 level. Downside Correction?
If BNB fails to clear the $322 resistance, it could start a
downside correction. Initial support on the downside is near the
$300 level. The next major support is near the $292 level. The main
support sits at $288. If there is a downside break below the $288
support, the price could drop toward the $262 support. Any more
losses could initiate a larger decline toward the $250 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 – $300, $292, and $288. Major Resistance Levels – $315,
$322, and $325.
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