HomeBITCOIN$250 Holds the Key to Further Upsides as BNB Price Shines with...

$250 Holds the Key to Further Upsides as BNB Price Shines with Signs of Life

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BNB price managed to avoid a significant decline below $200 and has now recovered against the US Dollar. It has surpassed $235 and is now facing several obstacles near $245 and $250.

The BNB price is gradually moving higher towards the resistance at $250.

Currently, the price is trading above $235 and the 100 simple moving average (4 hours).

On the 4-hour chart of the BNB/USD pair (data source from Binance), a key bullish trend line is forming with support at $241.5.

If the price can surpass $250, it may gain bullish momentum.

BNB Price Recovers 10%

In recent days, BNB price has experienced a recovery wave above the $220 resistance. The positive movements in Bitcoin, Ethereum, and other altcoins have contributed to a decent increase in BNB.

The price has steadily moved above the $232 and $235 resistance levels, reaching towards $245. It reached a high near $245.8 and is currently consolidating its gains. It is trading above the 23.6% Fib retracement level from the $222.5 swing low to the $245.8 high.

Additionally, BNB is trading above $235 and the 100 simple moving average (4 hours). A key bullish trend line is forming with support at $241.5 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

If there is a further increase, the price may encounter resistance near the $245 level, followed by the $250 level. If the price can clearly break the $250 zone, it may continue to rise. In this scenario, BNB price could test $265. If the price can close above the $265 resistance, it may pave the way for a larger increase towards the $280 resistance.

Downside Correction?

If BNB fails to surpass the $245 resistance, it may initiate a downside correction. The initial support on the downside is near the $240 level and the trend line.

The next major support is near the $235 level or the 50% Fib retracement level from the upward move of $222.5 swing low to $245.8 high. If the price breaks below the $235 support, it may drop towards the $226 support. Further losses could potentially result in a larger decline towards the $220 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is showing a slowdown in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $240, $235, and $226.

Major Resistance Levels – $245, $250, and $265.

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