• BNB price found support near $300 against the US Dollar and rallied above $320.
• Binance coin price started a steady increase from the $300 support and is now trading above $320.
• If BNB fails to clear the $335 resistance, it could start a downside correction with initial support near the $325 level.
BNB Price Finds Support Near $300
BNB price found support near $300 against the US Dollar and subsequently rallied above $320. The bulls were active in pushing the price above the key resistance levels of $310 and $312, resulting in a break out of a major contracting triangle with resistance near $320 on the 4-hours chart of the BNB/USD pair (data source from Binance).
Price Consolidating Gains Above Key Support Levels
Binance Coin (BNB) is now showing positive signs, similar to bitcoin and ethereum, as it traded as high as $332 and is currently consolidating gains. It is now trading above both its 100 simple moving average (4-hours) and 23.6% Fib retracement level of the upward move from the swing low of around $301 to high of around $332. However, there are some bearish forces at play that could prevent further upside moves such as strong resistance at levels like$335,$350and even$400in some cases.
Downside Correction Remains A Threat To The Bulls
If BNB fails to clear these resistances then it could start a downside correction with initial support near the crucial level of around$325. This would be followed by more important supports at around$315and then$308levels if prices fall further down below this point. In such a case there could be an extended decline towards its previous important support zone close to$300level in order for prices to find stability again after any potential corrections before they can continue their upwards trend once more.
Upside Targets Remain Intact
On the flip side however, if bulls manage to push prices higher than expected then there are still some upside targets intact with strong resistances holding back any further advances such as levels closer to$350which could eventually open up possibilities for prices testingkey psychological levels like$400or even higher than that in some cases depending on market conditions over time going forward into 2021.
Overall, BNB has been performing well lately after finding good support close to its previous lows which allowed for bulls to gain strength once more while also allowing them create new highs during this ongoing bull run which might continue going into 2021 if they can manage break through some key resistances without facing too much selling pressure along way which will certainly be interesting thing watch out for over coming weeks ahead so stay tuned!