BNB price is gaining pace above the $865 zone. The price is now showing positive signs and might aim for a move above the $900 handle in the near term.
- BNB price started a fresh increase above the $850 and $865 levels.
- The price is now trading above $870 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at $874 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair must stay above the $870 level to start another increase in the near term.
BNB Price Regains Strength
BNB price formed a base above the $840 level and started a fresh increase, beating Ethereum and Bitcoin. There was a steady move above the $850 and $865 levels.
The bulls even cleared the $875 resistance zone. A high was formed at $884 and the price is now consolidating gains. It is well above the 23.6% Fib retracement level of the upward move from the $841 swing low to the $884 high.
The price is now trading above $875 and the 100-hourly simple moving average. Besides, there is a key bullish trend line forming with support at $874 on the hourly chart of the BNB/USD pair.
On the upside, the price could face resistance near the $882 level. The next resistance sits near the $885 level. A clear move above the $885 zone could send the price higher. In the stated case, BNB price could test $892. A close above the $892 resistance might set the pace for a larger move toward the $900 resistance. Any more gains might call for a test of the $920 level in the near term.
Another Pullback?
If BNB fails to clear the $885 resistance, it could start another decline. Initial support on the downside is near the $875 level. The next major support is near the $865 level or the 50% Fib retracement level of the upward move from the $841 swing low to the $884 high.
The main support sits at $855. If there is a downside break below the $855 support, the price could drop toward the $872 support. Any more losses could initiate a larger decline toward the $835 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $875 and $865.
Major Resistance Levels – $885 and $900.
