BNB Price Rebounds Toward $250 But Risk of Drop To $200 Still Exists

Aayush Jindal

1 year ago

2 mins read

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BNB price (Binance coin) found support near $220 against the US Dollar. BNB is rising, but the bears could take a strong stand near the $265 zone.

Binance coin price started a recovery wave from the $220 support against the US Dollar.
The price is now trading below $265 and the 100 simple moving average (4-hours).
There is a crucial bearish trend line forming with resistance near $265 on the 4-hours chart of the BNB/USD pair (data source from Binance).
The pair could start a fresh decline unless there is a clear move above the $265 resistance.

Binance Coin Price Faces Resistance

This past week, BNB price saw a major decline below the $250 support zone. It gained bearish momentum against bitcoin, ethereum and other peers. The price tumbled below the $235 support against the US dollar and tested the $220 support.

A low was formed near $220.1 and the price recently started a recovery wave. The price climbed above the $230 and $235 resistance levels. There was a clear move above the 23.6% Fib retracement level of the key drop from the $291 swing high to $220 low.

However, bnb price is still trading below $265 and the 100 simple moving average (4-hours). On the upside, the bears are protecting the $250 and $255 resistance levels. The 50% Fib retracement level of the key drop from the $291 swing high to $220 low is also near the $256 level.

Source: BNBUSD on TradingView.com

The next major resistance is near the $265 level. There is also a crucial bearish trend line forming with resistance near $265 on the 4-hours chart of the BNB/USD pair, above which the price is likely to aim a test of the $275 level in the near term. Any more gains might send the price towards the $300 level.

Fresh Decline in BNB?

If BNB fails to clear the $265 resistance, it could start a fresh decline. An initial support on the downside is near the $240 and $238 levels.

The first major support is near the $230 level. The next major support is near the $220 level. If there is a downside break below the $220 support, there could be an extended decline towards the $200 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining 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 – $238, $230 and $220.

Major Resistance Levels – $255, $265 and $275.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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