Binance Coin Price Shows Signs of Recovery
After experiencing a significant decline, the price of Binance Coin (BNB) has managed to stay above the key support level at $202. Recently, BNB has begun to recover, following the upward trend of Bitcoin and Ethereum.
The price of BNB has surpassed the resistance levels at $208 and $210. Additionally, it has climbed above the 23.6% Fibonacci retracement level from its previous swing high of $234 to the low of $204. Furthermore, there was a breakthrough of a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair.
Currently, BNB is trading above $214 and the 100 simple moving average (4 hours). However, it is encountering resistance around the $219.50 and $220 levels.
Source: BNBUSD on TradingView.com
The $220 zone also represents a significant hurdle as it coincides with the 50% Fibonacci retracement level. If BNB manages to surpass this obstacle, it could experience further upward movement. The next major resistance lies around $228, and if surpassed, could lead to a rise towards $235. A close above the $235 resistance level might pave the way for an even larger increase towards the $250 resistance.
Potential for Another Drop in BNB?
If BNB fails to overcome the $220 resistance, it may experience another decline in value. Initially, support can be found near the $214 level and the 100 simple moving average (4 hours).
Subsequently, the next significant support level is located around $210. In the event of a downward break below this level, the price of BNB could drop towards the $204 support level. Further losses may result in a decline towards the $202 support level.
Technical Indicators
The 4-hour MACD (Moving Average Convergence Divergence) for BNB/USD is showing an increase in bullish momentum. Additionally, the 4-hour RSI (Relative Strength Index) for BNB/USD is currently above the 50 level.
Major Support Levels – $214, $210, and $202.
Major Resistance Levels – $220, $228, and $235.
Hot Take: Binance Coin Recovers, but Faces Resistance at $220
The price of Binance Coin (BNB) has started to recover after a significant decline. While it has surpassed several resistance levels and shows signs of upward movement, it faces strong resistance at the $220 mark. If BNB manages to break through this hurdle, it could experience further gains towards $228 and potentially even reach $235. However, if it fails to overcome the resistance at $220, another drop in price could be imminent. Support levels can be found at $214 and $210, with further downside potential towards $204 and $202. Traders should closely monitor these key levels for potential trading opportunities.
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