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.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/bnb/bnb-price-clears-250-aims-272/