Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
BNB price struggled to climb above $240 and corrected gains against the US Dollar. It is now approaching a major support zone at $220 and $215.
- BNB price is slowly moving lower toward the $220 support against the US Dollar.
- The price is now trading above $215 and the 100 simple moving average (4 hours).
- There is a key bullish flag pattern forming with resistance near $225 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might gain bullish momentum if there is a clear move above $228.
BNB Price Eyes Fresh Increase
These past few days, BNB price saw a decent recovery wave above the key $220 resistance zone. Bitcoin rallied over 20% to $35,000 and helped BNB avoid a major downside break.
The price climbed above the $225 and $230 resistance levels. However, it struggled near the $238-$240 zone. A high was formed near $237.6 and the price recently started a downside correction. There was a move below the $235 level.
BNB dipped below the 50% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high. It is now trading above $215 and the 100 simple moving average (4 hours). There is also a key bullish flag pattern forming with resistance near $225 on the 4-hour chart of the BNB/USD pair.
If there is a fresh increase, the price could face resistance near the $225 level. The next resistance sits near the $228 level. A clear move above the $228 zone could send the price further higher. In the stated case, BNB price could test $238. A close above the $238 resistance might set the pace for a larger increase toward the $250 resistance.
More Losses?
If BNB fails to clear the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level and the 61.8% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high.
The next major support is near the $215 level or the 100 simple moving average (4 hours). If there is a downside break below the $215 support, the price could drop toward the $207 support. Any more losses could initiate a larger decline toward the $202 level.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $220, $215, and $207.
Major Resistance Levels – $225, $228, and $238.
