The price of BNB (Binance coin) found support near $240 against the US Dollar. BNB rallied above $260 and could aim for another upward move towards the $300 level.
- The Binance coin price started a wave of recovery from the $240 support against the US Dollar.
- The price is currently trading above $265 and the 100 simple moving average (4-hours).
- There is a break above the main bearish trend line with resistance near $250 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair may rise and may rise above the $280 resistance zone.
The price of Binance Coin is rising higher
This past week, BNB price formed a support base above the $240 level. There is a strong recovery wave starting above the $250 resistance zone.
There is a break above the main bearish trend line with resistance near $250 on the 4-hour chart of the BNB/USD pair. The pair gained momentum above the $255 and $260 resistance levels. Yesterday, there was a push above the $270 resistance zone, similar to bitcoin and ethereum.
BNB traded up to $283 and is now consolidating its gains. Currently trading above $265 and 100 simple moving average (4 hours). It is also near the 23.6% Fib retracement level of the upward move from the $240 swing low to the $283 high.
Source: BNBUSD on TradingView.com
On the upside, bears are protecting the $280 and $285 resistance levels. The next major resistance is near the $292 level, above which the price will target a test of the $300 level in the near term. Another gain could send the price to the $320 level.
Dips Supported in BNB?
If BNB fails to clear the $280 resistance, it could start a downward correction. Initial support on the downside is near the $265 level.
The first major support is near the $262 level. It is near the 50% Fib retracement level of the move up from the $240 swing low to the $283 high. The next major support is near the $255 level. If there is a break below the $255 support, a full decline to the $240 support is possible.
Technical Indicators
4-Hour MACD – The MACD for BNB/USD is rising in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Support Levels – $265, $262 and $255.
Key Resistance Levels – $280, $285 and $300.