BNB extended gains and traded to a new all-time high above $950. The price is moving higher, and the bulls could soon aim for a move toward $1,000.
BNB Price Extends Rally
In the past few days, BNB price saw a steady increase above the $880 resistance. The bulls pushed the price above $900 and the 50-day simple moving average (blue) to set the pace for more gains, beating Bitcoin. Finally, the price spiked above $950 to hit a new all-time high at $963.
The last daily candle suggests an increase in bullish momentum above $930, and the price could continue to rise. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $842 swing low to the $963 high.
BNB is now trading well above the $920 pivot level and the 50-day simple moving average (blue). There is also a key bullish trend line in place with support at $902 on the daily chart.
The current price action is positive, and the bulls could soon aim for more gains above $960. Immediate hurdle for them could be near the $962 level. A clear move and close above the $962 resistance could open the doors for a move toward $980.
The next major resistance could be near the $1,000 handle. If there is a close above the $1,000 resistance, the price might gain bullish momentum. In the stated case, the price might be $1,120.
Downside Correction?
If BNB price fails to clear the $962 resistance, it might start a downside correction. Immediate support is near the $932 level. The first major support is now forming near the $900 level and the trend line.
The 50% Fib retracement level of the upward move from the $842 swing low to the $963 high is also near the $902 level. If there is a downside break below the trend line and $900, the bears might gain some strength. The next area of interest for the bulls could be $872.
The main support is $840 and the 50-day simple moving average (blue). A daily close below $840 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $760 support region since it coincides with the 1.618 Fib extension level of the upward move from the $842 swing low to the $963 high.
Overall, BNB price is showing positive signs above the $900 and $930 levels. A close above the $962 resistance could send the price toward $980 or even $1,000.