BNB price (Binance coin) is slowly recovering above $245 against the US dollar. The price may encounter heavy resistance near $268 and $270.
- Binance coin price is attempting a recovery wave above $230 against the US dollar.
- The price is now trading below USD 280 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trendline with resistance near USD 230 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could face many hurdles near $268 and $270.
Binance Coin Price Begins Recovery
This past week, BNB price saw a major drop well above $280. There was a steady decline below the $250 support zone, putting pressure on Bitcoin and Ethereum.
The price even tested the $220 support zone. A low is being formed near $220.6 and the price is now slowly moving up. There was a move above the $230 resistance. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low.
In addition, there was a break above a key bearish trendline with resistance near USD 230 on the 4-hour chart of the BNB/USD pair. However, the pair is still trading below USD 280 and the 100 simple moving average (4 hours).
Source: BNBUSD at TradingView.com
On the upside, BNB is facing resistance near the $255 level. The next major resistance is near USD 268. It is close to the 50% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low. A clear move above the $268 and $270 resistance could trigger a steady rise. The next major resistance is near the $280 level, above which the price could rise towards the $300 resistance.
Another drop in BNB?
If BNB fails to clear the $268 resistance, it could start another decline. The first support on the downside is near the $240 level.
The next major support is near the $230 level. If there is a downside break below the $230 support, there could be a prolonged decline towards the $220 support. send to the $200 aid.
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, $230 and $220.
Major resistance levels – $255, $268 and $270.
