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BNB price (Binance coin) is slowly recovering above $245 against the US Dollar. The price might face heavy resistance near $268 and $270.
- Binance coin price is attempting a recovery wave above $230 against the US Dollar.
- The price is now trading below $280 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $230 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might face many hurdles near $268 and $270.
Binance Coin Price Starts Recovery
This past week, BNB price saw a major decline from well above $280. There was a steady decline below the $250 support zone, putting pressure on Bitcoin and Ethereum.
The price even tested the $220 support zone. A low is formed near $220.6 and the price is now slowly moving higher. There was a move above the $230 resistance. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low.
Besides, there was a break above a key bearish trend line with resistance near $230 on the 4-hour chart of the BNB/USD pair. However, the pair is still trading below $280 and the 100 simple moving average (4 hours).
Source: BNBUSD on TradingView.com
On the upside, BNB is facing resistance near the $255 level. The next major resistance is near $268. It is close to the 50% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low. A clear move above the $268 resistance and $270 might start a steady increase. The next major resistance is near the $280 level, above which the price might rise toward the $300 resistance.
Another Drop in BNB?
If BNB fails to clear the $268 resistance, it could start another decline. Initial support on the downside is near the $240 level.
The next major support is near the $230 level. If there is a downside break below the $230 support, there could be an extended decline toward the $220 support. Any more losses could send the price toward 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 – $240, $230, and $220.
Major Resistance Levels – $255, $268, and $270.
