BNB price (Binance coin) found support near $240 against the US Dollar. BNB rallied above $260 and might aim more upsides towards the $300 level.

Binance coin price started a recovery wave from the $240 support against the US Dollar.
The price is now trading above $265 and the 100 simple moving average (4-hours).
There was a break above a major bearish trend line with resistance near $250 on the 4-hours chart of the BNB/USD pair (data source from Binance).
The pair could is rising and might climb further above the $280 resistance zone.

Binance Coin Price Climbs Higher

This past week, BNB price formed a support base above the $240 level. There was a strong recovery wave started above the $250 resistance zone.

There was a break above a major bearish trend line with resistance near $250 on the 4-hours chart of the BNB/USD pair. The pair gained pace above the $255 and $260 resistance levels. Yesterday, there was a push above the $270 resistance zone, similar to bitcoin and ethereum.

BNB traded as high as $283 and is currently consolidating gains. It is now trading above $265 and the 100 simple moving average (4-hours). It is also near the 23.6% Fib retracement level of the upward move from the $240 swing low to $283 high.

Source: BNBUSD on TradingView.com

On the upside, the bears are protecting the $280 and $285 resistance levels. The next major resistance is near the $292 level, above which the price is likely to aim a test of the $300 level in the near term. Any more gains might send the price towards the $320 level.

Dips Supported in BNB?

If BNB fails to clear the $280 resistance, it could start a downside correction. An initial support on the downside is near the $265 level.

The first major support is near the $262 level. It is near the 50% Fib retracement level of the upward move from the $240 swing low to $283 high. The next major support is near the $255 level. If there is a downside break below the $255 support, there could be an extended decline towards the $240 support.

Technical Indicators

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

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

Major Support Levels – $265, $262 and $255.

Major Resistance Levels – $280, $285 and $300.

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Filed under: Bitcoin - @ January 10, 2023 5:18 am