BNB Price Approaching $220 Resistance
The price of BNB is gradually increasing and approaching the $220 resistance against the US Dollar. Currently, the price is trading above $210 and the 100 simple moving average (4 hours). On the 4-hour chart of the BNB/USD pair, a bullish trend line is forming with support near $211.5.
BNB Price Remains In A Range
Last week, the price of BNB once again tested the support zone of $200-$202. Although bears attempted to break below the key $200 support level, they were unsuccessful. The price formed a low near $203 and has since started to rise, following the trend of Bitcoin and Ethereum.
BNB broke above the levels of $210 and $212, testing the main resistance at $220. The price reached a high near $219.2 and is currently consolidating above the 50% Fib retracement level. It is also trading above $210 and the 100 simple moving average (4 hours). A bullish trend line is forming with support near $211.5 on the 4-hour chart.
Source: BNBUSD on TradingView.com
Potential Bullish Momentum
If there is a further increase in price, it may encounter resistance around $215.5 before reaching the next major resistance at $220. Breaking above this zone could propel the price even higher, potentially testing $235. A close above the $235 resistance level could lead to a larger increase towards the $250 resistance.
Possibility of More Losses
If the $220 resistance is not overcome, BNB may experience another decline. Initial support lies near the $211 level and the trend line. The next significant support is around $207 or the 76.4% Fib retracement level. A downside break below $207 could result in a drop towards the $202 support level, with further losses potentially leading to a larger decline to $185.
Technical Indicators
The MACD for BNB/USD on the 4-hour chart is showing a loss of momentum in the bearish zone. The RSI (Relative Strength Index) is currently above the 50 level, indicating positive market sentiment.
Major Support and Resistance Levels
Major support levels for BNB are at $211, $207, and $202. On the other hand, major resistance levels can be found at $215, $220, and $222.
Hot Take: BNB Price Nearing Critical Resistance Level
The price of BNB is steadily climbing and is now approaching a crucial resistance level at $220 against the US Dollar. If this resistance is surpassed, it could signify a bullish breakout and pave the way for further gains. However, if BNB fails to overcome this hurdle, it may experience additional losses and face significant support levels at $211 and $207. Traders should closely monitor these key levels to gauge the direction of BNB’s price movement in the near future.
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