BNB Price Clears $250 and Could Rally 10% To Retest This Key Resistance

2023-12-20 05:48:27

BNB price gained momentum and climbed above the $250 resistance. It is showing positive signs and might rally toward the $272 resistance zone.

BNB price is moving higher above the $250 resistance.
The price is now trading above $250 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $252 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might continue to move up if there is a clear move above $258.

BNB Price Regains Traction

These past few days, BNB price formed a base above the $230 level. The price started a decent increase above the $240 and $242 resistance levels. In the past two sessions, it even outperformed Ethereum and Bitcoin.

BNB broke the 76.4% Fib retracement level of the downward move from the $257.1 swing high to the $231.9 low. There was also a break above a key bearish trend line with resistance near $252 on the 4-hour chart of the BNB/USD pair.

It is now trading above $250 and the 100 simple moving average (4 hours). The current price action is positive and signaling more upsides above the $258 resistance zone.

The next resistance sits near the $262 level. A clear move above the $262 zone could send the price further higher. In the stated case, BNB price could test $272. It is close to the 1.618 Fib extension level of the downward move from the $257.1 swing high to the $231.9 low.

Source: BNBUSD on TradingView.com

A close above the $272 resistance might set the pace for a larger increase toward the $285 resistance. Any more gains might call for a test of the $300 level.

Downside Correction?

If BNB fails to clear the $258 resistance, it could start a downside correction. Initial support on the downside is near the $248 level.

The next major support is near the $242 level. The main support sits at $232. If there is a downside break below the $232 support, the price could drop toward the $222 support. Any more losses could initiate a larger decline toward the $205 level.

Technical Indicators

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

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

Major Support Levels – $248, $242, and $232.

Major Resistance Levels – $258, $272, and $285.

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