BNB price (Binance coin) stayed above the main $202 support against the US Dollar. The price is recovering and might rally if there is a move above $220.
- Binance coin price is slowly moving higher above the $212 level against the US Dollar.
- The price is now trading above $214 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might gain bullish momentum if there is a close above $220.
Binance Coin Price Starts Recovery
After a major decline, BNB price managed to stay above the key support at $202. The price traded as low as $204 and recently started a decent increase, like Bitcoin and Ethereum.
There was a move above the $208 and $210 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $234 swing high to the $204 low. Besides, there was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair.
BNB price is now trading above $214 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $219.50 and $220 levels.
Source: BNBUSD on TradingView.com
The 50% Fib retracement level of the main decline from the $234 swing high to the $204 low is also near $220 to act as a hurdle. A clear move above the $220 zone could send the price further higher. The next major resistance is near $228, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance.
Another Drop in BNB?
If BNB fails to clear the $220 resistance, it could start another decline. Initial support on the downside is near the $214 level and the 100 simple moving average (4 hours).
The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $204 support. Any more losses could send the price toward the $202 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $214, $210, and $202.
Major Resistance Levels – $220, $228, and $235.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.newsbtc.com/analysis/bnb/bnb-price-prediction-bullish-above-220/
- :is
- 1
- 100
- 23
- 50
- a
- above
- Act
- against
- also
- and
- Another
- any
- AS
- At
- average
- bearish
- below
- besides
- binance
- Binance Coin
- Bitcoin
- bnb
- BNB Price
- BNB/USD
- Break
- breakout
- Bullish
- Changes
- Chart
- clear
- Climbed
- Close
- Coin
- could
- Currently
- data
- decent
- Decline
- Dollar
- downside
- Drop
- facing
- fails
- For
- from
- further
- Gain
- gaining
- High
- higher
- HOURS
- HTTPS
- if
- in
- Increase
- index
- initial
- IT
- Key
- larger
- Level
- levels
- like
- Line
- losses
- Low
- MACD
- Main
- major
- managed
- max-width
- might
- Momentum
- more
- move
- moving
- moving average
- Near
- NewsBTC
- next
- now
- of
- on
- Pace
- pair
- plato
- Plato Data Intelligence
- PlatoData
- poised
- prediction
- price
- Price Prediction
- rally
- recently
- recovering
- relative
- relative strength index
- Resistance
- retracement
- Rise
- rsi
- send
- set
- Simple
- Slowly
- Source
- start
- started
- starts
- stay
- stayed
- strength
- support
- support levels
- Swing
- The
- There.
- this
- to
- toward
- traded
- Trading
- TradingView
- Trend
- Upside
- us
- US Dollar
- was
- which
- with
- zephyrnet