BNB Price Regains Strength
BNB (BNB) is holding gains above the $800 handle. The price is moving higher, and the bulls could soon aim for a move toward $880 or $900.
In the past few days, the BNB price saw a steady increase above the $700 resistance. The bulls pushed the price toward $850 before the bears appeared. A high was formed at $861, and the price corrected some gains like Bitcoin.
There was a drop to below $830 and $800. However, the bulls defended the $730 zone and the 50-day simple moving average (blue). A low was formed at $729, and the price is again rising. There was a clear move above the 61.8% Fib retracement level of the downward move from the $861 swing high to the $729 low.
BNB is now trading above the $830 pivot level and the 50-day simple moving average (blue). There is also a key bullish trend line in place with support at $795 on the daily chart.
The current price action is positive, and the bulls could soon aim for more gains above $850. An immediate hurdle for them could be near the $860 level. A clear move and close above the $860 resistance could open the doors for a move toward $880.
The next major resistance could be near the 1.236 Fib extension level of the downward move from the $861 swing high to the $729 low at $892. If there is a close above the $892 resistance, the price might gain bullish momentum. In the stated case, the price might be $920.
Another Pullback?
If BNB price fails to clear the $860 resistance, it might start a downside correction. Immediate support is near the $830 level. The first major support is now forming near the $810 level.
The main support is $800 and the trend line. A daily close below $800 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $730 support region and the 50-day simple moving average (blue). If the bulls fail to protect $730, the bears could even aim for a test of $700.
Overall, the BNB price is showing positive signs above the $800 and $830 levels. A close above the $860 resistance could send the price toward $880 or even $920.