#Binance coin (BNB) price is currently surging above the $320 level against the US Dollar, indicating a potential rise towards $350 or higher, similar to Bitcoin.
Over the past few days, the BNB price has established a robust support base above the $300 level. Recently, #bitcoin initiated a powerful rally above the $30,000 resistance, which has sparked bullish movements in #Ethereum and BNB.
On the 4-hour chart of the BNB/USD pair, a significant breakthrough occurred above a crucial bearish trend line with resistance near $312. The pair has since ascended beyond the 50% Fib retracement level of the downward movement from the $347 swing high to the $305 low. As a result, the BNB price is currently trading above $323 and the 9-hour simple moving average.
#BNB is facing immediate resistance near the $335 mark, which is a promising sign. The next significant resistance level is at $340, and if the price can surpass this, it may trigger a bullish trend. The following major resistance level is located at the $348 mark, with the primary resistance forming near the $350 zone. If the price can break through this level, it may rise towards the $365 resistance. Further gains could potentially send the price towards the $380 level.
If BNB is unable to surpass the $335 resistance, it may initiate a downward correction. The initial support on the downside is located near the $325 level, followed by the first major support at the $320 level. The next obstacle is at $314 or the 50-hour simple moving average. The crucial support is at the $305 level. If the $305 support is breached, there is a possibility of a prolonged decline towards the $280 support.
KEY LEVELS :
RESISTANCE LEVEL : $336-$342
SUPPORT LEVEL : $325-$318
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
