BNB price is gaining pace above the $920 zone. The price is now showing positive signs and might aim for a move above the $950 level in the near term.
BNB price started a fresh increase above the $900 and $920 levels.
The price is now trading above $920 and the 100-hourly simple moving average.
There is a key bullish trend line forming with support at $925 on the hourly chart of the BNB/USD pair (data source from Binance).
The pair must stay above the $910 level to start another increase in the near term.
BNB Price Eyes More Gains
BNB price formed a base above the $880 level and started a fresh increase, beating Ethereum and Bitcoin. There was a steady move above the $892 and $920 levels.
The bulls even cleared the $935 resistance zone. A new all-time high was formed at $950 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $871 swing low to the $950 high.
The price is now trading above $920 and the 100-hourly simple moving average. Besides, there is a key bullish trend line forming with support at $925 on the hourly chart of the BNB/USD pair.
On the upside, the price could face resistance near the $935 level. The next resistance sits near the $942 level. A clear move above the $942 zone could send the price higher. In the stated case, BNB price could test $950. A close above the $950 resistance might set the pace for a larger move toward the $965 resistance. Any more gains might call for a test of the $1,000 handle in the near term.
Downside Correction?
If BNB fails to clear the $935 resistance, it could start another decline. Initial support on the downside is near the $920 level. The next major support is near the $910 level or the 50% Fib retracement level of the upward move from the $871 swing low to the $950 high.
The main support sits at $900. If there is a downside break below the $900 support, the price could drop toward the $888 support. Any more losses could initiate a larger decline toward the $872 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $925 and $910.
Major Resistance Levels – $935 and $950.
