The BNB price avoided a major drop below $200 and recovered against the US dollar. It climbed above USD 235 and is now facing many hurdles near USD 245 and USD 250.
- BNB price is slowly moving towards the $250 resistance.
- The price is now trading above $235 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support at $241.5 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could gain bullish momentum if there is a clear move above $250.
BNB price recovers 10%
In recent days, BNB price has managed to initiate a recovery wave above the $220 resistance. The recent positive developments in Bitcoin, Ethereum and other altcoins have led to a significant increase in the BNB.
There was a steady move above the USD 232 and USD 235 resistance levels. The price even climbed towards the USD 245 resistance. A high is formed near USD 245.8 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high.
BNB is also trading above $235 and the 100 simple moving average (4 hours). Moreover, a major bullish trendline is forming with support at $241.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
If a new increase occurs, the price may encounter resistance near the $245 level. The next resistance is near the $250 level. A clear move above the $250 zone could send the price rising further. In the said case, BNB price could test $265. A close above the USD 265 resistance could set the pace for a bigger rise towards the USD 280 resistance.
Disadvantage correction?
If BNB fails to clear the USD 245 resistance, it could initiate a downward correction. The initial downside support is near the $240 level and the trendline.
The next major support is near the $235 level or the 50% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high. If there is a downside break below the USD 235 support, the price could fall towards the USD 226 support. Any further losses could trigger a bigger decline towards the $220 level.
Technical indicators
4-hour 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 – USD 240, USD 235 and USD 226.
Major resistance levels – $245, $250 and $265.
