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Home»Analysis»BNB price poised for rally and only 1 thing is holding it back
Analysis

BNB price poised for rally and only 1 thing is holding it back

2023-07-03No Comments3 Mins Read
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BNB price (Binance coin) recovers above $240 against the US dollar. The price could gain bullish momentum if it clears $250 and $255.

  • Binance coin price is attempting a recovery wave above $232 against the US Dollar.
  • The price is now trading below USD 240 and the 100 simple moving average (4 hours).
  • There was a break above a major bearish trendline with resistance near USD 235 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gain bullish momentum above USD 250 and USD 255.

Binance Coin price starts to rise

In the past few days, BNB price saw a major drop below the $250 support. There was a move below the $240 support zone. The price traded from $224 and is currently rising, similar to Bitcoin and Ethereum.

There was a move above the $232 resistance. The price climbed above the 50% Fib retracement level of the main drop from the $257 swing high to the $224 low. There was also a break above a major bearish trendline with resistance near USD 235 on the 4-hour chart of the BNB/USD pair.

BNB price is now trading below USD 240 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $250 level. It is close to the 76.4% Fib retracement level of the main drop from the $257 swing high to the $224 low.

BNB price

Source: BNBUSD at TradingView.com

The next major resistance is near $255. A clear move above the $250 and $255 resistance could trigger a steady rise. The next major resistance is near the $270 level, above which the price might rise towards the $285 resistance.

See also  Bitcoin Price Breakout confirmed - eyes at the next key level

New decline in BNB?

If BNB fails to clear the $250 resistance, it could start another decline. The first support on the downside is near the $240 level and the 100 simple moving average (4 hours).

The next major support is near the $232 level. If there is a downside break below the $232 support, the price could revisit the $225 support. More losses could send the price towards the $210 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 – $240, $232 and $225.

Major resistance levels – $250, $255 and $270.

Source link

BNB Holding poised Price rally
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