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Home»Analysis»Recovery can fade above $260
Analysis

Recovery can fade above $260

2023-06-14No Comments3 Mins Read
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BNB price (Binance coin) is slowly recovering above $245 against the US dollar. The price may encounter heavy resistance near $268 and $270.

  • Binance coin price is attempting a recovery wave above $230 against the US dollar.
  • The price is now trading below USD 280 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trendline with resistance near USD 230 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could face many hurdles near $268 and $270.

Binance Coin Price Begins Recovery

This past week, BNB price saw a major drop well above $280. ​​There was a steady decline below the $250 support zone, putting pressure on Bitcoin and Ethereum.

The price even tested the $220 support zone. A low is being formed near $220.6 and the price is now slowly moving up. There was a move above the $230 resistance. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low.

In addition, there was a break above a key bearish trendline with resistance near USD 230 on the 4-hour chart of the BNB/USD pair. However, the pair is still trading below USD 280 and the 100 simple moving average (4 hours).

BNB price prediction

Source: BNBUSD at TradingView.com

On the upside, BNB is facing resistance near the $255 level. The next major resistance is near USD 268. It is close to the 50% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low. A clear move above the $268 and $270 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.

See also  Bitcoin price signals recovery, but the bears are not out of the woods yet

Another drop in BNB?

If BNB fails to clear the $268 resistance, it could start another decline. The first support on the downside is near the $240 level.

The next major support is near the $230 level. If there is a downside break below the $230 support, there could be a prolonged decline towards the $220 support. send to the $200 aid.

Technical indicators

4am MACD – The MACD for BNB/USD is gaining 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, $230 and $220.

Major resistance levels – $255, $268 and $270.

Source link

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