The BNB (Binance coin) price is rising from $202 against the US dollar. The price could continue to rise towards the USD 230 or even USD 235 resistance.
- The price of the Binance coins is slowly moving up from the $202 zone against the US dollar.
- The price is now trading below USD 225 and the 100 simple moving average (4 hours).
- A connecting bearish trendline is forming with resistance around $224 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum above $224 and $225.
Binance Coin Price Sees More Upsides
After a major drop, BNB price found support near the $202 zone. The price traded as low as USD 203.5 and it recently started a recovery wave similar to Bitcoin and Ethereum.
There was a move above the USD 212 and USD 215 resistance levels. The price climbed above the 23.6% Fib retracement level from the main decline from the $248 swing high to the $203 low. However, the bears are now defending the USD 220 resistance zone.
BNB price is still trading below USD 225 and the 100 simple moving average (4 hours). A contiguous bearish trendline is also forming with resistance near $224 on the 4-hour chart of the BNB/USD pair.
On the upside, it is facing resistance near the trendline and USD 225. The trendline is close to the 50% Fib retracement level of the main drop from the $248 swing high to the $203 low. A clear move above the $225 zone could see the price rise further.
Source: BNBUSD at TradingView.com
The next major resistance is near USD 230, above which the price could rise towards USD 235. A close above the USD 235 resistance might increase the chances of a rise above the USD 250 resistance.
Another decline in the BNB?
If BNB fails to clear the USD 225 resistance, it could spark another decline. The initial downside support is near the USD 214 level.
The next major support is near the USD 212 level. If there is a downside break below the USD 212 support, the price could decline towards the USD 202 support. More losses could push the price towards the USD 200 support.
Technical indicators
4-hour MACD – The MACD for BNB/USD is losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Key Support Levels – $214, $212 and $202.
Key resistance levels – $225, $230 and $235.