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BNB Price Rally Nears $1,000 – Can Bulls Push Even Higher?

BNB value is gaining tempo above the $980 zone. The value is now exhibiting optimistic indicators and would possibly intention for a transfer above the $1,000 deal with within the close to time period.

  • BNB value began a recent enhance above the $950 and $975 ranges.
  • The value is now buying and selling above $980 and the 100-hourly easy transferring common.
  • There is a key bullish development line forming with help at $960 on the hourly chart of the BNB/USD pair (information supply from Binance).
  • The pair should keep above the $960 degree to start out one other enhance within the close to time period.

BNB Price Hits New ATH

BNB value shaped a base above the $900 degree and began a recent enhance, beating Ethereum and Bitcoin. There was a gentle transfer above the $940 and $950 ranges.

The bulls even cleared the $980 resistance zone. A brand new all-time high was shaped at $995 and the worth is now consolidating positive factors. There was a minor decline and the worth examined the 23.6% Fib retracement degree of the upward transfer from the $948 swing low to the $995 high.

The value is now buying and selling above $980 and the 100-hourly easy transferring common. Besides, there’s a key bullish development line forming with help at $960 on the hourly chart of the BNB/USD pair.

On the upside, the worth might face resistance close to the $995 degree. The subsequent resistance sits close to the $1,000 degree. A transparent transfer above the $1,000 zone might ship the worth increased. In the acknowledged case, BNB value might check $1,050. A detailed above the $1,050 resistance would possibly set the tempo for a bigger transfer towards the $1,120 resistance. Any extra positive factors would possibly name for a check of the $1,150 zone within the close to time period.

Downside Correction?

If BNB fails to clear the $995 resistance, it might begin one other decline. Initial help on the draw back is close to the $980 degree. The subsequent main help is close to the $970 degree or the 50% Fib retracement degree of the upward transfer from the $948 swing low to the $995 high.

The predominant help sits at $960. If there’s a draw back break beneath the $960 help, the worth might drop towards the $940 help. Any extra losses might provoke a bigger decline towards the $920 degree.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is at present above the 50 degree.

Major Support Levels – $970 and $960.

Major Resistance Levels – $995 and $1,000.

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