Binance Coin (BNB) trades over $300, will there be a new high

After forming a base above $220, Binance coin started a fresh increase. BNB broke the main $250 resistance and recently surpassed the $275 pivot level.

The bulls were able to lead the price above the $280 barrier and the 100 simple moving average (4-hours). As a result, there was a break above the $300 level. The price traded to a new monthly high at $336 and it is currently correcting gains.

It broke the $305 support level. There was also a break below the 23.6% Fib retracement level of the upward move from the $269 swing low to $317 high.

On the downside, the first major support is near the $290 level. It is close to the 50% Fib retracement level of the upward move from the $269 swing low to $317 high. There is also a major bullish trend line forming with support near $290 on the 4-hours chart of the BNB/USDT pair.

On the upside, the bulls are facing resistance near the $315 and $320 levels. The next major resistance is near the $340 level, above which the price is likely to set a new all-time high in the near term.

What if BNB Dips?

If BNB fails to continue higher above $315 and $320, there could be a fresh downside correction. The first major support is near the $295 level.

The next major support is near the $290 level and the trend line. If there is a downside break below the trend line support, there could be a drop towards the $280 support zone.

Technical Indicators

Period	Moving Average	Price Change	Percent Change	Average Volume
5-Day	0.005054	+0.001023	+22.52%	653,865
20-Day	0.004787	+0.000829	+17.50%	761,825
50-Day	0.003707	+0.004299	+339.31%	1,537,514
100-Day	0.002561	+0.003793	+213.93%	1,210,684
200-Day	0.002338	+0.003840	+222.48%	1,322,743
Year-to-Date	0.003119	+0.004288	+335.52%	1,420,209

 

Period	Raw Stochastic	Stochastic %K	Stochastic %D	Average True Range
9-Day	98.25%	85.61%	75.33%	0.000368
14-Day	98.46%	81.17%	62.04%	0.000390
20-Day	98.46%	78.14%	60.02%	0.000394
50-Day	86.97%	81.39%	76.96%	0.000321
100-Day	87.27%	81.81%	77.46%	0.000244

 

Period	Relative Strength	Percent R	Historic Volatility	MACD Oscillator
9-Day	72.26%	1.75%	66.54%	0.000394
14-Day	67.82%	1.54%	59.01%	0.000522
20-Day	66.20%	1.54%	84.13%	0.000495
50-Day	63.75%	13.03%	172.47%	0.001575
100-Day	61.25%	12.73%	138.86%	0.002721