Blog

BNB worth (Binance coin) is making an attempt a restoration from $202 towards the US Dollar. The worth may begin a powerful enhance if it clears the $215 resistance stage.

• Binance coin worth is slowly transferring increased from the $202 zone towards the US Dollar.
• The worth is now buying and selling under $230 and the 100 easy transferring common (4 hours).
• There was a break above a key bearish pattern line with resistance close to $208 on the 4-hour chart of the BNB/USD pair (knowledge supply from Binance).
• The pair would possibly achieve bullish momentum above $215 and $216.

Binance Coin Price Eyes Fresh Increase

In the previous few days, BNB worth noticed a significant decline from effectively above the $235 stage. The worth declined under the $225 and $220 ranges to enter a bearish zone, much like Bitcoin and Ethereum.

It even spiked under the $212 help. It examined the $202 zone and not too long ago began an upside correction. There was a transfer above the $210 stage. Besides, there was a break above a key bearish pattern line with resistance close to $208 on the 4-hour chart of the BNB/USD pair.

However, BNB worth continues to be buying and selling effectively under $230 and the 100 easy transferring common (4 hours). On the upside, it’s going through resistance close to the $214 stage. It is near the 23.6% Fib retracement stage of the downward transfer from the $248 swing excessive to the $203 low.

Source: BNBUSD on TradingView.com

A transparent transfer above the $214 zone may ship the worth additional increased. The subsequent main resistance is close to $225 or the 50% Fib retracement stage of the downward transfer from the $248 swing excessive to the $203 low. A detailed above the $225 resistance would possibly enhance the probabilities of a push above the $230 resistance.

Another Decline in BNB?

If BNB fails to clear the $214 resistance, it may begin one other decline. Initial help on the draw back is close to the $208 stage.

The subsequent main help is close to the $202 stage. If there’s a draw back break under the $202 help, the worth may drop towards the $200 help. Any extra losses may ship the worth towards the $185 help.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is at the moment close to the 50 stage.

Major Support Levels – $208, $202, and $200.

Major Resistance Levels – $214, $225, and $230.