BNB Price Rebounds Toward $250 But Risk of Drop To $200 Still Exists

BNB value (Binance coin) discovered help close to $220 in opposition to the US Greenback. BNB is rising, however the bears may take a powerful stand close to the $265 zone.

• Binance coin value began a restoration wave from the $220 help in opposition to the US Greenback.
• The worth is now buying and selling under $265 and the 100 easy transferring common (4-hours).
• There’s a essential bearish pattern line forming with resistance close to $265 on the 4-hours chart of the BNB/USD pair (information supply from Binance).
• The pair may begin a recent decline except there’s a clear transfer above the $265 resistance.

Binance Coin Value Faces Resistance

This previous week, BNB value noticed a significant decline under the $250 help zone. It gained bearish momentum in opposition to bitcoin, ethereum and different friends. The worth tumbled under the $235 help in opposition to the US greenback and examined the $220 help.

A low was shaped close to $220.1 and the value not too long ago began a restoration wave. The worth climbed above the $230 and $235 resistance ranges. There was a transparent transfer above the 23.6% Fib retracement stage of the important thing drop from the $291 swing excessive to $220 low.

Nonetheless, bnb value continues to be buying and selling under $265 and the 100 easy transferring common (4-hours). On the upside, the bears are defending the $250 and $255 resistance ranges. The 50% Fib retracement stage of the important thing drop from the $291 swing excessive to $220 low can also be close to the $256 stage.

Supply: BNBUSD on TradingView.com

The subsequent main resistance is close to the $265 stage. There’s additionally a vital bearish pattern line forming with resistance close to $265 on the 4-hours chart of the BNB/USD pair, above which the value is more likely to purpose a take a look at of the $275 stage within the close to time period. Any extra beneficial properties may ship the value in direction of the $300 stage.

Recent Decline in BNB?

If BNB fails to clear the $265 resistance, it may begin a recent decline. An preliminary help on the draw back is close to the $240 and $238 ranges.

The primary main help is close to the $230 stage. The subsequent main help is close to the $220 stage. If there’s a draw back break under the $220 help, there could possibly be an prolonged decline in direction of the $200 help.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

4-Hours RSI (Relative Power Index) – The RSI for BNB/USD is presently above the 50 stage.

Main Assist Ranges – $238, $230 and $220.

Main Resistance Ranges – $255, $265 and $275.