The price of BNB rebounded vs the US dollar and averted a significant dip below $200. After rising beyond $235, it now has several obstacles close to $245 and $250.
The price of BNB is gradually rising towards the $250 resistance.
The 100 simple moving average (4-hour) and $235 are now being traded above by the price.
On the BNB/USD pair’s 4-hour chart, a significant bullish trend line is formed, with support at $241.5% (data source: Binance).
If there is an obvious rise over $250, the pair may pick up positive momentum.
Can BNB Sustain the Rally? $250 Level Critical for Upside,Can BNB Sustain the Rally? $250 Level Critical for Upside
Price of BNB Recovers 10%
The price of BNB was able to break over the $220 barrier level in the last several days. There has been a noticeable uptick in BNB due to the recent upward trends in Bitcoin, Ethereum, and other altcoins.
Above the resistance levels of $232 and $235, there was a continuous advance. The price even rose to the barrier level of $245. At $245.8, a high is established, and the price is currently consolidating gains. Trade is above the 23.6% Fib retracement mark of the upswing from the swing low of $222.5 to the high of $245.8.
Moreover, BNB is trading above $235 as well as the 4-hour 100 SMA. In addition, the BNB/USD pair’s 4-hour chart shows the formation of a significant bullish trend line, with support at $241.5.
The $245 mark may provide resistance for the price if there is another climb. The $250 mark is where the next resistance is located. The price may rise much higher if there is a definite move over the $250 region. In the above scenario, the price of BNB may reach $265. A closing over the resistance level of $265 might initiate a more significant rise towards the resistance level of $280.
Reversal of Direction?
BNB might initiate a downward correction if it is unable to break through the $245 barrier. The $240 mark and the trend line provide first support on the downside.
The 50% Fib retracement level of the upward run from the $222.5 swing low to the $245.8 high, or $235, is the location of the next significant support. The price may decline towards the $226 support if there is a fall break below the $235 level. More losses can start a bigger drop in the direction of $220.
- 4-Hour MACD: The BNB/USD MACD is lagging behind in the positive territory.
- 4-Hour Relative Strength Index (RSI): At present, the RSI for BNB/USD is over the 50 threshold.
- Levels of Major Support: $240, $235, and $226.
- Levels of Major Resistance: $245, $250, and $265.
Can BNB Sustain the Rally? $250 Level Critical for Upside,Can BNB Sustain the Rally? $250 Level Critical for Upside,Can BNB Sustain the Rally? $250 Level Critical for Upside , BNB coin Crypto news, BNB coin News