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BNB price (Binance Coin) is slowly recovering above $245 against the US Dollar. The price is likely to face a heavy resistance near the $268 and $270 levels.
- Binance coin price is attempting a recovery wave above $230 against the US Dollar.
- The price is now trading below the $280 and 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $230 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair is likely to face a lot of hurdles near the $268 and $270 levels.
Binance Coin Price Begins Recovery
Last week, BNB price saw a major decline above the $280 level. There was a steady decline below the $250 support area, putting pressure on bitcoin and Ethereum.
The price even tested the $220 support area. A bottom was formed near $220.6 and the price is now slowly correcting higher. There was a move above the $230 resistance. The bulls pushed the price above the 23.6% Fib retracement level of the decline from the $317.0 high to $220.6 low.
Besides, there was a break above a key bearish trend line with resistance near $230 on the 4-hours chart of the BNB/USD pair. However, the pair is still trading well below the $280 and 100 simple moving average (4-hours).
Source: BNBUSD on TradingView.com
On the upside, BNB is facing resistance near the $255 level. The next major resistance is near the $268 level. It is close to the 50% Fibonacci retracement level of the decline from the $317.0 high to $220.6 low. A clear move above the $268 resistance and $270 could start a steady rise. The next major resistance is near the $280 level, above which the price could accelerate towards the $300 resistance.
Another drop in BNB?
If BNB fails to overcome the $268 resistance, it could start another decline. On the downside, an initial support 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 an extended decline 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 gaining 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 – $240, $230, and $220.
Key Resistance Levels – $255, $268, and $270.
