BNB Price Surges Over 5%, Why Bulls Could Aim For $400 In Feb 2024

BNB worth is gaining bullish momentum from the $315 help zone. The value may lengthen its rally above $375 and rise towards the $400 degree within the close to time period.

• BNB worth is displaying bullish indicators above the $350 pivot degree.
• The value is now buying and selling above $355 and the 100 easy shifting common (4 hours).
• There’s a key bullish development line forming with help at $354 on the 4-hour chart of the BNB/USD pair (information supply from Binance).
• The pair may collect bullish momentum if there’s a shut above the $365 resistance zone.

BNB Worth Regains Power

Up to now few days, BNB worth began an honest enhance and cleared the $335 resistance zone. There was a transfer above the $350 degree to maneuver right into a optimistic zone, like Bitcoin and Ethereum.

The value even spiked above $365. A excessive was fashioned close to $366 and the worth is now consolidating positive aspects above the 23.6% Fib retracement degree of the upward transfer from the $315 swing low to the $366 excessive. BNB is now buying and selling above $355 and the 100 easy shifting common (4 hours).

There may be additionally a key bullish development line forming with help at $354 on the 4-hour chart of the BNB/USD pair. Speedy resistance is close to the $365 degree.

Supply: BNBUSD on TradingView.com

The following resistance sits close to the $375 degree. A transparent transfer above the $375 zone may ship the worth additional greater. Within the acknowledged case, BNB worth may take a look at $388. A detailed above the $388 resistance would possibly set the tempo for a bigger enhance towards the $400 resistance. Any extra positive aspects would possibly name for a take a look at of the $420 degree.

Dips Supported?

If BNB fails to clear the $365 resistance, it may begin a draw back correction. Preliminary help on the draw back is close to the $355 degree and the development line.

The following main help is close to the $342 degree or the 50% Fib retracement degree of the upward transfer from the $315 swing low to the $366 excessive. The primary help sits at $335. If there’s a draw back break under the $335 help, the worth may drop towards the $322 help. Any extra losses may provoke a bigger decline towards the $315 degree.

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 at present above the 50 degree.

Main Help Ranges – $355, $342, and $335.

Main Resistance Ranges – $365, $375, and $388.

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