BNB Price Rockets to $400: Get Ready for a Bullish Rally!
• Binance coin (BNB) price found support near $300 against the US Dollar and rallied above $320.
• There was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair, indicating further upside momentum.
• BNB could potentially aim for the $400 level if it manages to clear the $335 resistance.
BNB Price Finds Support Near $300
Binance coin (BNB) price found support near $300 against the US Dollar, allowing for a rally past the $320 mark. On the 4-hours chart of the BNB/USD pair, there was a break above a major contracting triangle with resistance near $320, indicating further upside momentum in store for BNB.
Price Rallies Over 5%
The bulls were active and managed to pump up BNB’s price beyond both the $310 and $312 resistance levels. The price went up more than 5%, breaking through the 100 simple moving average (4-hours). The pair traded as high as $332 before consolidating its gains at around this level.
Upside Potential For BNB
If BNB can manage to clear its current hurdle at around the$335 level, it could potentially aim for higher levels such as reaching towards or even surpassingthe psychological mark of 400$. Above this level lies another significant resistance at around 420$.
Dips Supported In BNB?
In case of downside break below$308 support level, then we may see an extended decline towards$300 support zone. Initial dip support is seen near$325 while first major support lies at around 315$. It is close to 50% Fib retracement level of overall upward move from 301 swing low to 332 high.
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