BNB corrected gains and tested $1,000. The price is again moving higher, and the bulls could soon aim for a fresh surge above $1,200.
After trading to a new all-time high at $1,375, BNB price saw a major downside correction, following Bitcoin. There was a move below $1,250 and $1,120. However, the bulls remained active above the $1,000 pivot level and the 50-day simple moving average (blue).
A low was formed at $1,020, and the price is now moving higher. There was a move above $1,080 and $1,120. The price surpassed the 23.6% Fib retracement level of the downward move from the $1,375 swing high to the $1,020 low.
BNB is now trading well above the $1,000 pivot level and the 50-day simple moving average (blue). There is also a key bullish trend line in place with support at $1,030 on the daily chart. The last two daily candles show positive signs.
If BNB remains stable above $1,050, there could be a fresh increase. Immediate hurdle sits near the $1,160 level. A clear move and close above the $1,160 resistance could open the doors for a move toward $1,200 and the 50% Fib retracement level of the downward move from the $1,375 swing high to the $1,020 low.
The next major resistance could be near the $1,240 zone and a connecting bearish trend line on the same chart. If there is a close above the $1,240 resistance, the price might gain bullish momentum. In the stated case, the price might rally to $1,350 or even to a new all-time high above $1,375.
If BNB fails to clear $1,200 or $1,240, there could be another pullback. Immediate support is near $1,085. A downside break below the $1,085 level could spark bearish moves.
The first major support is now forming near the $1,020 low, the 50-day simple moving average (blue), and the highlighted bullish trend line. If the bulls fail to protect the $1,020 support, the price could drop to $900.
The next area of interest for the bulls could be $820. The main support is $730. A daily close below $730 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $600 support.
Overall, BNB price is showing signs of a fresh increase above $1,085. To continue higher, it must settle above $1,200 and $1,240. If not, the bears could attempt a downside break below $1,020.
