Earlier this week, bitcoin and a few other major altcoins witnessed a strong rally. BNB price spiked above the $14.00 and $14.50 resistance areas.

There was a close above the key $14.00 level and the 100 simple moving average (4-hours). This triggered more gains and the price surged above the $15.00 level.

A new 2020 high was recorded close to $15.32 before the price started a downside correction. Meanwhile, there was a correction wave in bitcoin from well above $8,400 and the price dropped below $8,000.

BNB price is now trading below the $14.80 support level. There was also a break below the 23.6% Fib retracement level of the uptrend from the $12.97 low to $15.32 high.

However, the price is now approaching a few key supports close to $14.25 and $14.00. Moreover, the 50% Fib retracement level of the upside move from the $12.97 low to $15.32 high is near the $14.15 level.

Notably, there is an ascending channel forming with support near $14.00 on the BNB price 4-hours chart. Finally, the 100 simple moving average is close to the $13.90 area to act as a strong pivot. Thus, there are high chances of another rally in BNB price as long as it continues to trade above $13.90.

On the upside, a clear break above the $14.50 and $14.80 levels could lead to a surge above $15.00.

The chances of a breakdown below the $14.00 and $13.90 support levels cannot completely relegated. If the price settles below the 100 simple moving average (4-hours), there is the probability of a sharp decline below $13.80 and $13.50.

A close look at the BNB price chart reveals that the coin is clearly trading near a crucial support area at $14.20 and $14.00. This suggests high possibilities of another upside move above $14.50 and $15.00.

Technical indicators also suggest that the 4-hours MACD for the BNB price is losing momentum in the bearish zone. Its 4-hours RSI (Relative Strength Index) is currently declining below 50. Major support levels are at $14.20, $14.00 and $13.90, whereas the major resistance levels are also at $14.50, $14.80 and $15.00.

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