BNB price (Binance Coin) is consolidating below $250 against the US Dollar. If the price overcomes the $245 and $250 resistance levels, the price could start a strong increase.
- Binance coin price is struggling to gain momentum above the $250 area against the US Dollar.
- The price is now trading below $245 and the 100 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $240 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair is likely to gain bullish momentum above the $245 and $250 levels.
Binance Coin Price Expects New Growth
In the past few days, BNB price saw some moves above $245. The bulls struggled to propel the price above the $250 resistance. The price reacted to the decline a few times and tested the $235 support area.
There is a low near $253.6 and the price is attempting a fresh increase against bitcoin and Ethereum. There was a move above the $240 resistance. The price accelerated above the 23.6% Fib retracement level of the decline from the $262 high to $235 low.
There was also a break above a key bearish trend line with resistance near $240 on the 4-hours chart of the BNB/USD pair. BNB price is now trading below $245 and the 100 simple moving average (4-hours).
On the upside, it is facing resistance near the $245 level. The next major resistance is near the $250 or 50% Fibonacci retracement level of the downside move from the $262 high to $235 low. A close above the $250 resistance is likely to increase the upside above the $255 resistance.
Source: BNBUSD on Tradingview.com
A clear move above the $255 resistance could start a sustained rise. The next major resistance is near the $262 level, above which the price could climb higher towards the $270 resistance.
Another drop in BNB?
If BNB fails to clear the $245 resistance, it could start another decline. On the downside, an initial support is near the $236 level.
The next major support is near the $232 level. If there is a decline below the $232 support, the price could decline towards the $220 support. Any further losses could take the price towards the $212 support.
4-hours MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well above the 50 level.
Key Support Levels – $236, $232, and $220.
Key Resistance Levels – $245, $250, and $255.