BNB Price Approaching $250 Resistance
The price of BNB is gradually increasing and nearing the $250 resistance level. Currently, it is trading above $235 and the 100 simple moving average (4 hours). On the 4-hour chart of the BNB/USD pair, there is a significant bullish trend line forming with support at $241.5 (data source from Binance). If the price manages to surpass $250, it could gain further bullish momentum.
BNB Price Recovers 10%
In recent days, BNB price has experienced a recovery wave after surpassing the $220 resistance. The positive movements in Bitcoin, Ethereum, and other altcoins have contributed to this increase in BNB value. The price successfully broke through the $232 and $235 resistance levels and even reached the $245 resistance level. Currently, it is consolidating its gains after forming a high near $245.8.
Additionally, BNB is trading above $235 and the 100 simple moving average (4 hours). A key bullish trend line is also forming with support at $241.5 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Potential Downside Correction
If the price fails to break above the $245 resistance, it may experience a downside correction. The initial support lies around the $240 level and the aforementioned trend line. Further support can be found near the $235 level or the 50% Fib retracement level from its recent upward move. A break below $235 may lead to a drop towards the $226 support level, and extended losses could bring the price down to $220.
Technical Indicators
The MACD for BNB/USD on the 4-hour chart shows a decrease in bullish momentum. The RSI (Relative Strength Index) is currently above the 50 level, indicating a positive market sentiment.
Hot Take: BNB Price Shows Resilience Amidst Market Recovery
Despite facing resistance near the $245 level, BNB has shown resilience by maintaining its upward trajectory. With key support levels at $240 and $235, there is potential for further growth if the resistance at $250 is surpassed. Traders should closely monitor these levels and consider the overall market sentiment when making investment decisions regarding BNB.
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