BNB (Binance Coin) price found support near $240 against the US Dollar. BNB rallied above $260 and could go higher towards the $300 level.
- The Binance Coin price started a wave of recovery from the $240 support against the US Dollar.
- The price is now trading above $265 and the 100 simple moving average (4-hours).
- There was a break above a major downtrend line with resistance near $250 on the 4-hour chart of the BNB/USD pair (data feed from Binance).
- The pair could be going higher and could rally higher above the $280 resistance zone.
Binance Coin Price Climbs Higher
Last week, the BNB price formed a support base above the $240 level. There was a strong wave of recovery that started above the $250 resistance zone.
There was a break above a major downtrend line with resistance near $250 on the 4-hour chart of the BNB/USD pair. The pair gained pace above the $255 and $260 resistance levels. Yesterday, there was a push above the $270 resistance zone, similar to bitcoins Y ethereal.
BNB traded as high as $283 and is currently consolidating gains. It is now trading above $265 and the 100 simple moving average (4-hours). It is also close to the 23.6% Fibonacci retracement level of the move up from the $240 low to $283 high.
Font: BNBUSD on TradingView.com
On the upside, the bears are protecting the $280 and $285 resistance levels. The next major resistance is near the $292 level, above which the price is likely to go looking for a test of the $300 level in the near term. More gains could send the price looking towards the $320 level.
Dips supported in BNB?
If BNB fails to clear the $280 resistance, a correction to the downside could begin. Initial support on the downside is near the $265 level.
The first major support is near the $262 level. It is near the 50% Fibonacci retracement level of the upward move from the $240 low to $283 high. The next major support is near the $255 level. If there is a break below the $255 support, there could be an extended slide towards the $240 support.
technical indicators
4 Hours MACD – The MACD for BNB/USD is picking up 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: $265, $262, and $255.
Major Resistance Levels: $280, $285, and $300.
