BNB price (Binance coin) rises above $245 against the US dollar. The price could start a strong increase if it clears the $250 and $255 resistance levels.
- Binance coin price is attempting another rise from the $232 zone against the US dollar.
- The price is now trading above $240 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near USD 248 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum above USD 248 and USD 250.
Binance Coin Price Eyes Fresh Rally
In the past few days, the BNB price saw a few swings from $250. There was a move below the $240 support zone. However, the bulls were seen active near the $232 support zone.
The price traded from $231 and is currently rising, similar to Bitcoin and Ethereum. There was a move above the $240 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $255 swing high to the $231 low.
BNB price is now trading above $240 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $248 level. A major bearish trendline is also forming with resistance near USD 248 on the 4-hour chart of the BNB/USD pair.
It is close to the 76.4% Fib retracement level of the downward move from the $255 swing high to the $231 low. The next major resistance is near USD 250. A close above the USD 250 resistance could increase the chances of a push above the USD 255 resistance.
Source: BNBUSD at TradingView.com
A clear move above the $252 resistance could trigger a steady rise. The next major resistance is near the $270 level, above which the price might rise towards the $285 resistance.
Another rejection in BNB?
If BNB fails to clear the $250 resistance, it could start another decline. The first support on the downside is near the $240 level and the 100 simple moving average (4 hours).
The next major support is near the $232 level. If there is a downside break below the $232 support, the price could drop towards the $222 support. Further losses could push the price towards the support of $210.
Technical indicators
4am MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $240, $232 and $225.
Major resistance levels – $250, $255 and $270.