Charted: Binance Coin (BNB) Gains Momentum, Why Dips Are Attractive

Binance coin price found support near $200 and started a fresh increase against the USDT. BNB is gaining momentum and it seems like the bulls are eyeing a fresh increase above $300.

• Binance coin price started a fresh increase above $220 and $230 against the USDT.
• The price is trading nicely above $250 and it is well above the 100 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $215 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
• The pair is likely to continue higher above the $260 and $280 resistance levels in the near term.

Binance Coin Price Climbs above $250

After surging above $300, binance coin started a downside correction. BNB declined over $100 and it even spiked below $200. The price traded as low as $196 and it remained stable above the 100 simple moving average (4-hours).

Recently, there was a fresh increase above the $210 and $220 resistance levels. There was also a break above a major bearish trend line with resistance near $215 on the 4-hours chart of the BNB/USDT pair.

Source: BNBUSDT on TradingView.com

The pair even surpassed the 50% Fib retracement level of the key downward move from the $280 swing high to $196 low. It is now trading nicely above $260, and outperformed bitcoin and ethereum. An immediate resistance is near the $260 level.

The 76.4% Fib retracement level of the key downward move from the $280 swing high to $196 low is acting as a resistance. The next major resistance is near the $275 level, above which the price could surge towards the $300 and $320 levels.

Dips Supported in BNB?

If BNB fails to continue higher above $260 and $280, there could be a fresh downside correction. The first major support is near the $238 level.

The next major support is near the $225 level. The main support is now forming near the $215 level and the 100 simple moving average (4-hours). A downside break below the $215 support could open the doors for a move below the $200 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is gaining pace in the bullish zone.

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

Major Support Levels – $238, $225 and $215.

Major Resistance Levels – $260, $280 and $300.