BNB price (Binance coin) recovers above $240 against the US dollar. The price could gain bullish momentum if it clears $250 and $255.
- Binance coin price is attempting a recovery wave above $232 against the US Dollar.
- The price is now trading below USD 240 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near USD 235 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum above USD 250 and USD 255.
Binance Coin price starts to rise
In the past few days, BNB price saw a major drop below the $250 support. There was a move below the $240 support zone. The price traded from $224 and is currently rising, similar to Bitcoin and Ethereum.
There was a move above the $232 resistance. The price climbed above the 50% Fib retracement level of the main drop from the $257 swing high to the $224 low. There was also a break above a major bearish trendline with resistance near USD 235 on the 4-hour chart of the BNB/USD pair.
BNB price is now trading below USD 240 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $250 level. It is close to the 76.4% Fib retracement level of the main drop from the $257 swing high to the $224 low.
Source: BNBUSD at TradingView.com
The next major resistance is near $255. A clear move above the $250 and $255 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.
New decline 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 revisit the $225 support. More losses could send the price towards the $210 support.
Technical indicators
4am MACD – The MACD for BNB/USD is losing 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.