If BNB Closes Above $340, It Could Trigger a Larger $400 Rally

Binance Coin (BNB) price is showing positive signs above the $320 level against the US Dollar. If there is a break above the $340 resistance, it could continue to rise.

The Binance Coin price is showing bullish signs above the $320 level against the US Dollar. The price is currently trading at $315 and above the 100 simple moving average (4-hours) level.

According to Binance’s data source, the BNB/USD pair is forming a key contract triangle with resistance near $330 on the 4-hour chart. If the pair breaks above the $340 resistance level, it could accelerate gains.

BNB prices aimed to over $400!

In the past few days, BNB price has seen a significant increase above the $300 resistance level, similar to bitcoin and ethereum. There was a clear move above the $320 and $335 resistance levels.

However, the bulls failed to surpass the $350 resistance zone. A high was formed around $347, and the price recently started a downward correction. It fell below the $335 and $330 levels. The price also fell below the 50% Fib retracement level of the upward move from the $300 swing low to $347 high.

Nevertheless, the BNB price is still trading above the $315 and 100 simple moving average (4-hours) level. It is also above the 61.8% Fib retracement level of the upward move from the $300 swing low to $347 high.

In the upward direction, there is an immediate resistance near $330. Additionally, the BNB/USD pair is forming a key contract triangle with resistance near $330 on the 4-hour chart. The next major resistance level is near $335, and the main resistance level is near $340.

BNB Price Chart

A clear break above the contract triangle resistance and then $340 could send the price towards the $365 resistance level. Further gains could send the price towards the $400 level.

Can BNB Prices Go Down?

If BNB fails to break above the $340 resistance, it could start another decline. The first support level is near $322, followed by the $315 level or the 100 simple moving average (4-hours) level. The next major support level is near $300. If there is a break below the $300 support level, there could be an extended decline towards the $280 support level.

The 4-hour MACD for BNB/USD is gaining momentum in the bullish zone, while the RSI is currently above the 50 level. The important support levels are $322, $315, and $300, while the important resistance levels are $330, $340, and $365.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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