BNB price (Binance coin) recovers above $240 against the US dollar. The price could gain bullish momentum if it clears $260 and $270.
- Binance coin price is attempting a recovery wave above $240 against the US dollar.
- The price is now trading below USD 260 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near USD 242 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could struggle to gain bullish momentum above USD 260 and USD 270.
Binance Coin Price Meets Resistance
In the past few days, BNB price saw a major drop below the $260 support. There was a move below the $250 support zone, which led to bearish moves in Bitcoin and Ethereum.
The price even plunged towards the USD 220 support. A low is being formed near USD 220.6 and the price is now attempting a recovery wave. There was a move above the $240 resistance. The price climbed above the 23.6% Fib retracement level from the main drop from the $317.0 swing high to the $220.6 low.
The price is now consolidating below $260 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near USD 242 on the 4-hour chart of the BNB/USD pair.
On the upside, BNB is facing resistance near the $254 level. The next major resistance is near $260 and the 100 simple moving average (4 hours). Key resistance is now forming near $268 and the key’s 50% Fib retracement level is falling from the $317.0 swing high to the $220.6 low.
Source: BNBUSD at TradingView.com
A clear move above the $260 and $268 resistance could trigger a steady rise. The next major resistance is near the $280 level, above which the price could rise towards the $300 resistance.
New decline in BNB?
If BNB fails to clear the $260 resistance, it could start another decline. The first support on the downside is near the $242 level and trendline.
The next major support is near the $230 level. If there is a downside break below the $230 support, the price could revisit the $220 support. More losses could send the price towards the $200 support.
Technical indicators
4am MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $242, $230 and $220.
Main resistance levels – $260, $268 and $270.
