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BNB price (Binance Coin) is correcting higher above $245 against the US Dollar. If the price surpasses the $250 and $255 resistance levels, the price could start a strong increase.
- Binance coin price is attempting a fresh rise from the $232 area against the US Dollar.
- The price is now trading above the $240 and 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $248 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair is likely to gain bullish momentum above the $248 and $250 levels.
Binance Coin Price Eyeing Fresh Rally
In the past few days, BNB price saw some swings above $250. There was a decline below the $240 support area. However, the bulls were seen active near the $232 support area.
The price traded as low as $231 and it is currently correcting higher in line with bitcoin and ethereum. There was a move above the $240 resistance. The price climbed above the 50% Fibonacci retracement level and declined from the $255 high to $231 low.
BNB price is now trading above $240 and the 100 simple moving average (4-hours). On the upside, it is facing resistance near the $248 level. There is also a major bearish trend line forming with resistance near $248 on the 4-hours chart of the BNB/USD pair.
It is close to the 76.4% Fib retracement level of the decline from the $255 high to $231 low. The next major resistance is near the $250 level. A close above the $250 resistance is likely to increase the upside above the $255 resistance.
Source: BNBUSD on Tradingview.com
A clear move above the $252 resistance could start a sustained rise. The next major resistance is near the $270 level, above which the price could climb higher towards the $285 resistance.
Another Rejection in BNB?
If BNB fails to clear the $250 resistance, it could start another decline. On the downside, an initial support is near the $240 level and the 100 simple moving average (4-hours).
The next major support is near the $232 level. If there is a downside break below the $232 support, the price could decline further towards the $222 support. Any further losses could take the price towards the $210 support.
technical indicators
4-hours MACD – The MACD for BNB/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well above the 50 level.
Key Support Levels – $240, $232, and $225.
Key Resistance Levels – $250, $255, and $270.
