Saturday, December 2, 2023

BNB Value Momentum Reignites – Why Bulls May Goal For 15% Rally


BNB worth gained momentum and climbed above the $250 resistance. It’s up over 5% and the bulls might quickly purpose for a transfer towards the $300 stage.

  • BNB worth is shifting greater above the $250 resistance.
  • The worth is now buying and selling above $255 and the 100 easy shifting common (4 hours).
  • There’s a main bullish pattern line forming with assist at $253.5 on the 4-hour chart of the BNB/USD pair (information supply from Binance).
  • The pair may proceed to maneuver up if there’s a clear transfer above $268.

BNB Value Jumps 8%

These previous few days, BNB worth remained secure above the $240 resistance. The bulls stepped in and have been in a position to clear a significant hurdle at $250. It opened the doorways for extra upsides above $255.

BNB gained traction and climbed above $260. It’s up over 5% and outperforming each Bitcoin and Ethereum. A brand new multi-week excessive is shaped close to $267.9 and the worth is now consolidating positive aspects. It’s above the 23.6% Fib retracement stage of the upward transfer from the $238.9 swing low to the $267.9 excessive.

BNB can also be buying and selling above $255 and the 100 easy shifting common (4 hours). In addition to, there’s a main bullish pattern line forming with assist at $253.5 on the 4-hour chart of the BNB/USD pair.

BNB Price Jumps 8%

Supply: BNBUSD on TradingView.com

If there’s a recent enhance, the worth might face resistance close to the $265 stage. The subsequent resistance sits close to the $268 stage. A transparent transfer above the $268 zone might ship the worth additional greater. Within the said case, BNB worth might check $280. An in depth above the $280 resistance may set the tempo for a bigger enhance towards the $300 resistance.

Draw back Correction?

If BNB fails to clear the $265 resistance, it might begin a draw back correction. Preliminary assist on the draw back is close to the $260 stage. The subsequent main assist is close to the $255 stage.

The principle assist sits at $253 or the pattern line. It’s near the 50% Fib retracement stage of the upward transfer from the $238.9 swing low to the $267.9 excessive. If there’s a draw back break under the $253 assist, the worth might drop towards the $245 assist. Any extra losses might provoke a bigger decline towards the $238 stage.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Power Index) – The RSI for BNB/USD is presently above the 50 stage.

Main Assist Ranges – $260, $255, and $253.

Main Resistance Ranges – $265, $268, and $280.

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