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.
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).
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.
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.
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.
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