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BNB price (Binance Coin) is recovering above $240 against the US Dollar. If it clears $260 and $270, the price is likely to accelerate higher.
- Binance Coin price is attempting a recovery wave above $240 against the US Dollar.
- The price is now trading below the $260 and 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $242 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair might struggle to gain momentum above the $260 and $270 levels.
Binance Coin Faces Price Resistance
In the past few days, BNB price declined heavily from the $260 support level. There was a move below the $250 support area, triggering a bearish move in bitcoin and ethereum.
The price declined towards the $220 support. A low was formed near $220.6 and the price is now attempting a recovery wave. There was a move above the $240 resistance. The price climbed above the 23.6% Fib retracement level of the major decline from the $317.0 high to $220.6 low.
The price is now consolidating below the $260 and 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $242 on the 4-hours chart of the BNB/USD pair.
On the upside, BNB is facing resistance near the $254 level. The next major resistance is near the $260 level and the 100 simple moving average (4-hours). The main resistance is now forming near $268 and the 50% Fib retracement level of the key decline from the $317.0 swing high to $220.6 low.
Source: BNBUSD on TradingView.com
A clear move above the $260 resistance and $268 could start a steady rise. The next major resistance is near the $280 level, above which the price could accelerate towards the $300 resistance.
Fresh decline in BNB?
If BNB fails to surpass the $260 resistance, it could start another decline. An initial support on the downside is near the $242 level and the trend line.
The next major support is near the $230 level. If there is a downside break below the $230 support, the price could correct back towards the $220 support. Any further losses could send the price towards the $200 support.
technical indicators
4-hours MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well above the 50 level.
Key Support Levels – $242, $230, and $220.
The main resistance levels – $260, $268 and $270.
