BNB price (Binance coin) is trying to recover from $202 against the US dollar. The price could start a strong increase if the $215 resistance level is cleared.
- The price of the Binance coin is slowly rising from the $202 zone against the US dollar.
- The price is now trading below USD 230 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near USD 208 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could gain bullish momentum above USD 215 and USD 216.
Increase Binance Coin Price Eyes Fresh
In the past few days, BNB price saw a major drop from well above the $235 level. The price fell below the $225 and $220 levels to enter a bearish zone, similar to Bitcoin and Ethereum.
It even spiked below the $212 support. It tested the $202 zone and recently started an upside correction. There was a move above the $210 level. In addition, there was a break above a key bearish trendline with resistance near $208 on the 4-hour chart of the BNB/USD pair.
However, the BNB price is still trading well below $230 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $214 level. It is close to the 23.6% Fib retracement level of the downward move from the $248 swing high to the $203 low.
Source: BNBUSD at TradingView.com
A clear move above the $214 zone could push the price further. The next major resistance is near $225 or the 50% Fib retracement level of the downward move from the $248 swing high to the $203 low. A close above the USD 225 resistance might increase the chances of a push above the USD 230 resistance.
Another drop in BNB?
If BNB fails to clear the $214 resistance, it could start a fresh decline. The first support on the downside is near the $208 level.
The next major support is near the $202 level. If there is a downside break below the $202 support, the price could fall towards the $200 support. Further losses could push the price towards the support of $185.
Technical indicators
4am 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 near the 50 level.
Main Support Levels – $208, $202 and $200.
Main resistance levels – $214, $225 and $230.