BNB value struggled to climb above $240 and corrected positive aspects in opposition to the US Dollar. It is now approaching a significant help zone at $220 and $215.
- BNB value is slowly shifting decrease towards the $220 help in opposition to the US Dollar.
- The value is now buying and selling above $215 and the 100 easy shifting common (4 hours).
- There is a key bullish flag sample forming with resistance close to $225 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
- The pair may achieve bullish momentum if there’s a clear transfer above $228.
BNB Price Eyes Fresh Increase
These previous few days, BNB value noticed an honest restoration wave above the key $220 resistance zone. Bitcoin rallied over 20% to $35,000 and helped BNB keep away from a significant draw back break.
The value climbed above the $225 and $230 resistance ranges. However, it struggled close to the $238-$240 zone. A excessive was shaped close to $237.6 and the worth lately began a draw back correction. There was a transfer under the $235 stage.
BNB dipped under the 50% Fib retracement stage of the upward transfer from the $208.3 swing low to the $237.6 excessive. It is now buying and selling above $215 and the 100 easy shifting common (4 hours). There can be a key bullish flag sample forming with resistance close to $225 on the 4-hour chart of the BNB/USD pair.
If there’s a contemporary improve, the worth may face resistance close to the $225 stage. The subsequent resistance sits close to the $228 stage. A transparent transfer above the $228 zone may ship the worth additional larger. In the acknowledged case, BNB value may take a look at $238. A detailed above the $238 resistance may set the tempo for a bigger improve towards the $250 resistance.
More Losses?
If BNB fails to clear the $228 resistance, it may begin one other decline. Initial help on the draw back is close to the $220 stage and the 61.8% Fib retracement stage of the upward transfer from the $208.3 swing low to the $237.6 excessive.
The subsequent main help is close to the $215 stage or the 100 easy shifting common (4 hours). If there’s a draw back break under the $215 help, the worth may drop towards the $207 help. Any extra losses may provoke a bigger decline towards the $202 stage.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is dropping tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is at present above the 50 stage.
Major Support Levels – $220, $215, and $207.
Major Resistance Levels – $225, $228, and $238.
