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 (Binance coin) is moving higher from $202 against the US Dollar. The price could rise further toward the $230 resistance or even $235.
- Binance coin price is slowly moving higher from the $202 zone against the US Dollar.
- The price is now trading below $225 and the 100 simple moving average (4 hours).
- There is a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might gain bullish momentum above $224 and $225.
Binance Coin Price Eyes More Upsides
After a major decline, BNB price found support near the $202 zone. The price traded as low as $203.5 and recently started a recovery wave, similar to Bitcoin and Ethereum.
There was a move above the $212 and $215 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $248 swing high to the $203 low. However, the bears are now defending the $220 resistance zone.
BNB price is still trading below $225 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair.
On the upside, it is facing resistance near the trend line and $225. The trend line is close to the 50% Fib retracement level of the main decline from the $248 swing high to the $203 low. A clear move above the $225 zone could send the price further higher.
Source: BNBUSD on TradingView.com
The next major resistance is near $230, above which the price might rise toward $235. A close above the $235 resistance might increase the chances of a push above the $250 resistance.
Another Decline in BNB?
If BNB fails to clear the $225 resistance, it could start another decline. Initial support on the downside is near the $214 level.
The next major support is near the $212 level. If there is a downside break below the $212 support, the price could drop toward the $202 support. Any more losses could send the price toward the $200 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $214, $212, and $202.
Major Resistance Levels – $225, $230, and $235.
