The BNB (Binance coin) price remained above the key support at $202 against the US dollar. The price is recovering and could rise if a move above $220 occurs.
- The price of the Binance coins is slowly rising above the $212 level against the US dollar.
- The price is now trading above USD 214 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance around $213 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could gain bullish momentum if there is a close above $220.
Binance Coin Price Begins Recovery
After a big decline, BNB price managed to stay above the key support at $202. The price has been trading as low as $204 and recently started a significant increase, much like Bitcoin and Ethereum.
There was a move above the USD 208 and USD 210 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $234 swing high to the $204 low. Additionally, there was a break above a major bearish trendline with resistance around $213 on the 4-hour chart of the BNB/USD pair.
The BNB price is now trading above $214 and the 100 simple moving average (4 hours). On the upside, it is facing resistance around the USD 219.50 and USD 220 levels.
Source: BNBUSD on TradingView.com
The 50% Fib retracement level of the main decline from the $234 swing high to the $204 low is also near $220 and could act as a hurdle. A clear move above the $220 zone could see the price rise further. The next major resistance is near USD 228, above which the price could rise towards USD 235. A close above the USD 235 resistance could set the pace for a bigger rise towards the USD 250 resistance.
Another drop in the BNB?
If BNB fails to clear the USD 220 resistance, it could trigger another decline. Initial downside support is near the $214 level and the 100 simple moving average (4 hours).
The next major support is near the $210 level. If there is a downside break below the USD 210 support, the price could fall towards the USD 204 support. Any more losses could send the price towards the $202 support.
Technical indicators
4-hour MACD – The MACD for BNB/USD is gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – $214, $210 and $202.
Major resistance levels – $220, $228 and $235.