BNB extended gains and traded to a new all-time high above $1,350. The price now shows signs of cooling and might correct below $1,250.

BNB Price Extends Surge Despite Sharp Selloff

After trading to a new all-time high at $1,300, the BNB price saw a sharp decline, like Bitcoin. There was a move below $1,200 and $1,000. However, the bulls remained active near $900, and the price started a fresh increase.

There was a clear move above the $1,120 and $1,200 resistance levels. The bulls pushed the price above the last high and surpassed $1,350. A new all-time high was formed at $1,376, and the price is now consolidating gains.

BNB is now trading well above the $1,150 pivot level and the 50-day simple moving average (blue). There is also a key bullish trend line in place with support at $1,000 on the daily chart.

The current price action suggests that the bulls are losing strength. Therefore, there are chances of a downside correction from $1,376. Immediate support is near the $1,260 level and the 23.6% Fib retracement level of the upward move from the $891 swing low to the $1,376 high.

A downside break below the $1,260 and $1,250 levels could start a major downside correction. The first major support is now forming near the $1,150 level. If the bulls fail to protect the $1,150 support, the price could drop to the trend line region at $1,000. It is close to the 76.4% Fib retracement level of the upward move from the $891 swing low to the $1,376 high, and the 50-day simple moving average (blue).

The next area of interest for the bulls could be $960. The main support is $820. A daily close below $820 could increase selling pressure. In the stated scenario, BNB price might dive and revisit the $730 support.

Another Surge?

If BNB remains stable above $1,250, there could be a fresh increase. Immediate hurdle sits near the $1,320 level. A clear move and close above the $1,320 resistance could open the doors for a move toward $1,375.

The next major resistance could be near the $1,450 zone. If there is a close above the $1,450 resistance, the price might gain bullish momentum. In the stated case, the price might rally to $1,550.

Overall, BNB price is showing signs of uptrend exhaustion near $1,375. If there is a pullback, the bulls might remain active near the trend line support and $1,000. On the upside, a close above $1,375 might send the price to $1,550.