• BNB rallied above $320 and might aim more upsides towards the $400 level.
• There was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair.
• The bears are protecting the $332 and $332 resistance levels, while dips are being supported at around the $325 level.
Binance Coin Price Rallies Over 5%
Binance coin price started a steady increase from the $300 support against the US Dollar. The price is now trading above $320 and the 100 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair (data source from Binance). The pair could is rising and might climb further above the $335 resistance zone.
Upside Targets in Sight
The bulls were active and they were able to pump the price above the $310 and $312 resistance levels. The price is up over 5% in a day and there was a move above the $320 resistance. Besides, there was a break above a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair. The pair is now showing positive signs, similar to bitcoin and ethereum.
Resistance Levels to Watch
BNB traded as high as $332 and is currently consolidating gains. On the upside, there are some bearish signs emerging near the$332 and 332 resistance levels that need to be watched out for in order for further gains to happen towards its next target of testing out its all-time high of 400$. If this fails then it could possibly trend downwards again after hitting these resistances mentioned earlier.
Support Levels To Be Aware Of
If BNB fails to clear its current resistances, it could start a downside correction which would have an initial support located at around 325$. It also has another major support located at 315$ which is close to its 50% Fib retracement level of an upward move from 301$ swing low up till 332$ swing high . If there happens to be any downside break below 308$, this would possibly extend decline towards 300$ mark where it found strong support last time around .
Therefore, if Bulls manage to overcome these resistances then we can expect further upside targets like 350$ followed by 400$ in near future whereas if not then we can expect some possible corrections taking place leading back down towards 300$.