The price of BNB (Binance coin) found support near $250 against the US dollar. BNB is rising and may pick up pace if it clears the $300 resistance zone.
- Binance coin price started a wave of recovery from the $250 support against the US dollar.
- The price is now trading above $280 and the 100 simple moving average (4 hours).
- On the 4-hour chart of the BNB/USD pair (data source from Binance), there was a break above the main bearish trend line with resistance near $262.
- The pair could continue to rally if it breaks the $295 and $300 levels.
Binance coin price starts to rise again
After a strong decline, the price of BNB even settled below the $300 level. It tested the $250 support zone and traded as high as $249.7. The bulls built near $250 and the price started a wave of recovery, similar bitcoin and ethereum.
The price climbed above the $265 and $270 resistance levels. There was a clear move above the 23.6% Fib retracement level of the downward move from the $361 swing high to the $249 swing low.
In addition, there was a break above the main bearish trendline with resistance near $262 on the 4-hour chart of the BNB/USD pair. The pair is now trading above $280 and the 100 simple moving average (4 hours).
Source: BNBUSD on TradingView.com
On the downside, the $295 and $300 levels represent immediate obstacles. The 50% Fib retracement level of the move down from the $361 swing high to the $249 swing low is also near $305. Another major resistance is near the $320 level, above which the price is likely to target a test of the $345 level in the near term. Any further gains could send the price towards the $360 level.
Another drop in BNB?
If BNB fails to clear the $300 resistance, a new decline may begin. Initial downside support is near the $280 level and the 100 simple moving average (4 hours).
The first major support is near the $270 level. Another major support is near the $250 level. If there is a break below the $250 support, a longer decline towards the $220 support is possible.
4-Hours MACD – MACD for BNB/USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major support levels – $280, $270 and $260.
Major resistance levels – $300, $305 and $320.