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BNB price (Binance coin) found support near $250 against the US Dollar. BNB is rising and might gain pace if it clears the $300 resistance zone.
- Binance coin price started a recovery wave from the $250 support against the US Dollar.
- The price is now trading above $280 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $262 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could continue to rally if it clears the $295 and $300 levels.
Binance Coin Price Starts Fresh Increase
After a strong decline, BNB price even settled below the $300 level. It tested the $250 support zone and traded as low as $249.7. The bulls took a stand near $250 and the price started a recovery wave, similar to bitcoin and ethereum.
The price climbed above the $265 and $270 resistance levels. There was a clear move above the 23.6% Fib retracement level of the downward move from the $361 swing high to $249 swing low.
Besides, there was a break above a major bearish trend line with resistance near $262 on the 4-hours chart of the BNB/USD pair. The pair is now trading above $280 and the 100 simple moving average (4-hours).
Source: BNBUSD on TradingView.com
On the upside, the $295 and $300 levels are immediate hurdles. The 50% Fib retracement level of the downward move from the $361 swing high to $249 swing low is also near $305. The next major resistance is near the $320 level, above which the price is likely to aim a test of the $345 level in the near term. Any more gains might send the price towards the $360 level.
Fresh Decline in BNB?
If BNB fails to clear the $300 resistance, it could start a fresh decline. An initial support on the downside is near the $280 level and the 100 simple moving average (4-hours).
The first major support is near the $270 level. The next major support is near the $250 level. If there is a downside break below the $250 support, there could be an extended decline towards the $220 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 – $280, $270 and $260.
Major Resistance Levels – $300, $305 and $320.
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Image and article originally from newsbtc.com. Read the original article here.