BNB Price Approaching $220 Support Level
The price of BNB is gradually declining and approaching the key support level of $220 against the US Dollar. Currently, it is trading above $215 and the 100 simple moving average (4 hours). On the 4-hour chart of the BNB/USD pair, there is a significant bullish flag pattern forming with resistance near $225.
BNB Price Eyes a Potential Upside Breakout
Over the past few days, BNB experienced a decent recovery above the crucial $220 resistance zone, mainly due to Bitcoin’s surge to $35,000. However, it faced resistance near the $238-$240 zone and started a downside correction. The price dropped below $235 and the 50% Fib retracement level of the upward move from $208.3 to $237.6.
Despite this correction, BNB is currently trading above $215 and the 100 simple moving average (4 hours). The formation of a bullish flag pattern suggests a potential bullish momentum if there is a clear breakthrough above the $228 level.
Possible Scenarios for BNB Price
If there is an upward movement, BNB may encounter resistance around the $225 level. The next major resistance lies near $228. A successful breach of this level could propel the price even higher towards $238. A close above this resistance might indicate further gains towards the $250 level.
On the downside, if BNB fails to surpass the $228 resistance, it might initiate another decline. The initial support lies at around $220 and the 61.8% Fib retracement level. A more significant support level can be found at $215 or the 100 simple moving average (4 hours). If there is a break below $215, the price may drop towards the $207 support level. Further losses could lead to a larger decline towards $202.
Technical Indicators
The MACD for BNB/USD on the 4-hour chart indicates a loss of momentum in the bullish zone. Meanwhile, the RSI (Relative Strength Index) is currently above the 50 level, suggesting a neutral-to-bullish sentiment.
Hot Take: BNB Prepares for Potential Upside Breakout
As BNB consolidates around the $220 support level, it is eyeing a potential breakout above key resistance levels. With Bitcoin’s recent rally providing some support, there is a chance for BNB to gain bullish momentum and surge towards higher price levels. However, if it fails to surpass the resistance at $228, we may see another downward move with support levels at $220 and $215. Traders should closely monitor these key levels to determine the next direction for BNB price.
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