Anticipating a Bullish Breakout for BNB Price unless Significant Changes Occur

Anticipating a Bullish Breakout for BNB Price unless Significant Changes Occur


Binance Coin Price Shows Indications of Recovery

After experiencing a whole lot of decline, the price of Binance Coin (BNB) has managed to stay over the key level of support at $202. Recently, BNB has begun to recover, following the upward trend of Bitcoin (BTC) and Ethereum.

The price of BNB has surpassed the resistance levels at $208 and $210. In addition, it has climbed over 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.

As of now, BNB is trading over $214 and the 100 simple moving average (4 hours). Nonetheless, it is encountering resistance around the $219.50 and $220 levels.

READ NOW
Utilizing Gas for Cryptocurrency Mining: Argentina Oil Company’s Plan

Source: BNBUSD on TradingView.com

The $220 zone likewise represents a whole lot of hurdle as it coincides with the 50% Fibonacci retracement level. If BNB manages to surpass this obstacle, it might experience further upward movement. The next major resistance lies around $228, and if surpassed, could lead to a rise towards $235. A close over the $235 resistance level might pave the way for an even larger increase towards the $250 resistance.

Probable for Another Fall in BNB?

If BNB fails to overcome the $220 resistance, it may experience another decline in value. At the beginning, support can be found near the $214 level and the 100 simple moving average (4 hours).

READ NOW
Uniswap Introduces Funding Strategy to Enhance Ecosystem Overhaul Amidst UNI Price Plummet

Following that, the next whole lot of level of support is located around $210. In the event of a downward break below this level, the price of BNB could fall towards the $204 level of support. Further losses may result in a decline towards the $202 support level.

Technical Indicators

The 4-hour MACD (Moving Average Intersection Divergence) for BNB/USD is showing an increase in positive trend momentum. In addition, the 4-hour RSI (Relative Strength Index) for BNB/USD is as of now over the 50 level.

READ NOW
Bitboy Crypto’s Ben Armstrong Released on Bail Following Live Confrontation, Commences Active Twitter Engagement

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 whole lot of decline. Although while it has surpassed plenty of resistance levels and shows indications of upward movement, it faces strong resistance at the $220 mark. If BNB manages to break through this hurdle, it might experience further gains towards $228 and potentially even reach $235. Nonetheless, if it fails to overcome the resistance at $220, another fall in price may be imminent. Support levels can be found at $214 and $210, with further downside probable towards $204 and $202. Traders should closely monitor these key levels for probable trading opportunities.

READ NOW
Binance CEO Asserts CommEx, Formerly in Russia, Excludes US and EU Users
Author – Contributor at | Website

Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

READ NOW
Jamie Coutts of Bloomberg: Bitcoin as a Hedge Against Currency Devaluation
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend