BNB value continues to be consolidating above the $200 help zone in opposition to the US Dollar. It may begin an honest improve if there’s a shut above the $220 resistance.
- BNB value is slowly shifting increased towards the $220 resistance in opposition to the US Dollar.
- The value is now buying and selling above $210 and the 100 easy shifting common (4 hours).
- There is a key bullish development line forming with help close to $211.5 on the 4-hour chart of the BNB/USD pair (information supply from Binance).
- The pair would possibly acquire bullish momentum if there’s a every day shut above $220.
BNB Price Remains In A Range
This previous week, BNB value once more retested the $200-$202 help zone. The bears made one other try and clear the important thing $200 help, however they failed. A low was shaped close to $203 earlier than the worth began an honest improve, like Bitcoin and Ethereum.
There was a transfer above the $210 and $212 ranges. The value examined the primary $220 resistance. A excessive is shaped close to $219.2 and the worth is now consolidating above the 50% Fib retracement stage of the upward transfer from the $203 swing low to the $220 excessive.
BNB is now buying and selling above $210 and the 100 easy shifting common (4 hours). There can also be a key bullish development line forming with help close to $211.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
If there’s a contemporary improve, the worth may face resistance close to the $215.5 stage. The subsequent resistance sits close to the $220 stage. A transparent transfer above the $220 zone may ship the worth additional increased. In the said case, BNB value may take a look at $235. An in depth above the $235 resistance would possibly set the tempo for a bigger improve towards the $250 resistance.
More Losses?
If BNB fails to clear the $220 resistance, it may begin one other decline. Initial help on the draw back is close to the $211 stage and the development line. The subsequent main help is close to the $207 stage or the 76.4% Fib retracement stage of the upward transfer from the $203 swing low to the $220 excessive.
If there’s a draw back break beneath the $207 help, the worth may drop towards the $202 help. Any extra losses may provoke a bigger decline towards the $185 stage.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is shedding tempo within the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is presently above the 50 stage.
Major Support Levels – $211, $207, and $202.
Major Resistance Levels – $215, $220, and $222.
