BNB Price Starts Its Journey Toward $500, Why Dips Turned Attractive

BNB price is gaining bullish momentum above the $350 resistance level. The price is likely to rise further above the $400 resistance level in the near term.

  • BNB price is showing bullish signs above the $365 resistance level.
  • The price is currently trading above $375 and the 100 simple moving average (4-hourly).
  • On the 4-hour chart of the BNB/USD pair, a major bullish trend line is forming with support at $380 (data source: Binance).
  • The pair could continue to move higher towards the $400 resistance zone or $422.

BNB price expands its rise

In our previous BNB price prediction, we discussed the possibility of further upside above the $365 resistance zone. The bulls remained active and were able to push the price above the $375 level.

BNB has outperformed Bitcoin and Ethereum by moving above the $380 resistance level. Having formed a high near $390, the price is currently consolidating its upside. It is trading above the 23.6% Fib retracement level rising from the swing low of $345 to the high of $390.

The price is currently trading above $375 and the 100 simple moving average (4-hourly). On the 4-hour chart of the BNB/USD pair, there is also an important bullish trend line forming with support at $380.

BNB price

sauce: BNBUSD on TradingView.com

Immediate resistance is near the $390 level. The next resistance level is near the $392 level. A clear break above the $392 zone could see the price move higher. In the aforementioned case, BNB price could try $400. A close above the $400 resistance could set up an even bigger rally towards the $422 resistance. Further gains could result in a test of the $500 level in the coming weeks.

Are dips supported?

If BNB fails to break through the $390 resistance level, a downside correction may begin. Initial support on the downside is near the $380 level and trend line.

The next major support is near the $362 level, or the 61.8% fib retracement level of the $345 swing low to $390 high. The main support is $350. If the price breaks below the $350 support, the price could fall towards the $335 support. Any further losses could trigger an even bigger decline towards the $315 level.

technical indicators

4-hour MACD – BNB/USD MACD is gaining pace in the bullish zone.

4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major support levels – $380, $362, and $350.

Main resistance levels – $390, $400, and $422.

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