BNB worth (Binance coin) discovered help close to $220 in opposition to the US Dollar. BNB is rising, however the bears may take a robust stand close to the $265 zone.
- Binance coin worth began a restoration wave from the $220 help in opposition to the US Dollar.
- The worth is now buying and selling beneath $265 and the 100 easy shifting common (4-hours).
- There is a vital bearish pattern line forming with resistance close to $265 on the 4-hours chart of the BNB/USD pair (knowledge supply from Binance).
- The pair may begin a recent decline except there’s a clear transfer above the $265 resistance.
Binance Coin Price Faces Resistance
This previous week, BNB worth noticed a serious decline beneath the $250 help zone. It gained bearish momentum in opposition to bitcoin, ethereum and different friends. The worth tumbled beneath the $235 help in opposition to the US greenback and examined the $220 help.
A low was shaped close to $220.1 and the worth lately began a restoration wave. The worth climbed above the $230 and $235 resistance ranges. There was a transparent transfer above the 23.6% Fib retracement stage of the important thing drop from the $291 swing excessive to $220 low.
However, bnb worth continues to be buying and selling beneath $265 and the 100 easy shifting common (4-hours). On the upside, the bears are defending the $250 and $255 resistance ranges. The 50% Fib retracement stage of the important thing drop from the $291 swing excessive to $220 low can be close to the $256 stage.
Source: BNBUSD on TradingView.com
The subsequent main resistance is close to the $265 stage. There can be a vital bearish pattern line forming with resistance close to $265 on the 4-hours chart of the BNB/USD pair, above which the worth is prone to purpose a take a look at of the $275 stage within the close to time period. Any extra good points would possibly ship the worth in direction of the $300 stage.
Fresh Decline in BNB?
If BNB fails to clear the $265 resistance, it may begin a recent decline. An preliminary help on the draw back is close to the $240 and $238 ranges.
The first main help is close to the $230 stage. The subsequent main help is close to the $220 stage. If there’s a draw back break beneath the $220 help, there might be an prolonged decline in direction of the $200 help.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is at the moment above the 50 stage.
Major Support Levels – $238, $230 and $220.
Major Resistance Levels – $255, $265 and $275.
