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

BNB price is gaining pace above the $980 zone. The price is now showing positive signs and might aim for a move above the $1,000 handle in the near term.

• BNB price started a fresh increase above the $950 and $975 levels.
• The price is now trading above $980 and the 100-hourly simple moving average.
• There is a key bullish trend line forming with support at $960 on the hourly chart of the BNB/USD pair (data source from Binance).
• The pair must stay above the $960 level to start another increase in the near term.

BNB price formed a base above the $900 level and started a fresh increase, beating Ethereum and Bitcoin. There was a steady move above the $940 and $950 levels.

The bulls even cleared the $980 resistance zone. A new all-time high was formed at $995 and the price is now consolidating gains. There was a minor decline and the price tested the 23.6% Fib retracement level of the upward move from the $948 swing low to the $995 high.

The price is now trading above $980 and the 100-hourly simple moving average. Besides, there is a key bullish trend line forming with support at $960 on the hourly chart of the BNB/USD pair.

On the upside, the price could face resistance near the $995 level. The next resistance sits near the $1,000 level. A clear move above the $1,000 zone could send the price higher. In the stated case, BNB price could test $1,050. A close above the $1,050 resistance might set the pace for a larger move toward the $1,120 resistance. Any more gains might call for a test of the $1,150 zone in the near term.

If BNB fails to clear the $995 resistance, it could start another decline. Initial support on the downside is near the $980 level. The next major support is near the $970 level or the 50% Fib retracement level of the upward move from the $948 swing low to the $995 high.

The main support sits at $960. If there is a downside break below the $960 support, the price could drop toward the $940 support. Any more losses could initiate a larger decline toward the $920 level.

Technical Indicators

Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $970 and $960.

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