BNB price found its initial support at $340 on January 24th and started a new uptrend. Subsequently, Binance coin managed to surpass $300, $380 and finally $400. With that, it peaked at $430 and went for a price correction that brought it down to $405. Currently, the price is around $415.
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BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB managed to find support at $340 and started to recover. Following that, by reaching $360 on February 3rd, BNB had a rally that surpassed the SMA100 and $385 resistance level. Binance coin managed to reach $430 with the rally.
At that point, the price faced a barrier and had to back down. After that, it dipped as low as $410 and $405 but yet again the buyers rose to support it.
For the time being, the $430 is the first resistance level for BNB followed by the $440 to $450 zone. In case of a successful break through, we can expect BNB to shoot for $475, $490 and $500.
On the other hand, if BNB price fails to surpass $430, there could be a price correction to follow. For the bearish scenario, the first support level is at $405. Then, the 50% Fibonacci retracement level at the $400 to $395 zone and then the SMA100 at $390 will have to support the price. Further decline can bring BNB price as low as $380 and $375.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for BNB is on an upward movement.
RSI: the relative strength index is approximately 66.
Resistance levels: BNB`s first resistance level is at $430. Following that, the next ones will be at $440 to $450 zone and then $475 and $500 will follow.
Support levels: the first support level is at $410. Then the $400 to $390 zone and following that the $380 to $375 will follow.
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