BNB price gained momentum and climbed above the $250 resistance. It is up over 5% and bulls could soon target a move towards the $300 level.
- BNB price breaks above the $250 resistance.
- The price is now trading above $255 and the 100 simple moving average (4-hours).
- A major bullish trendline is forming with support at $253.5 on the 4-hour chart of BNB/USD (data source from Binance).
- The pair could continue to rise if there is a clear move above $268.
BNB price jumps 8%
Over the past few days, BNB price has remained stable above the $240 resistance. The bulls stepped in and managed to clear a major hurdle at $250. This opened the door to other benefits above $255.
BNB gained ground and climbed above $260. It’s up over 5% and outperforming both Bitcoin And Ethereum. A new multi-week high formed near $267.9 and the price is now consolidating its gains. It is above the 23.6% Fib retracement level of the upward move from the $238.9 low to $267.9 high.
BNB is also trading above $255 and the 100 simple moving average (4-hours). Furthermore, a major bullish trendline is forming with support at $253.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
If there is a further rise, the price could face resistance near the $265 level. The next resistance lies near the $268 level. A sharp move above the $268 area could send the price further higher. In the stated case, the BNB price could reach $280. A close above the $280 resistance could set the tone for a larger increase towards the $300 resistance.
If BNB fails to clear the $265 resistance, it could trigger a downward correction. Initial downside support is near the $260 level. The next major support is near the $255 level.
Main support lies at $253 or the trendline. It is near the 50% Fibonacci retracement level of the upward move from the $238.9 low to $267.9 high. If there is a downward break below the $253 support, the price could drop to the $245 support. Any further losses could initiate a further decline towards the $238 level.
4-hour MACD – The MACD for BNB/USD is accelerating into the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key support levels – $260, $255 and $253.
Major resistance levels – $265, $268 and $280.