BNB Price Prediction: Recovery To $235 On The Horizon As Bulls Step-in
BNB price (Binance coin) is moving higher from $202 against the US Dollar. The price could rise further toward the $230 resistance or even $235.
Binance coin price is slowly moving higher from the $202 zone against the US Dollar.
The price is now trading below $225 and the 100 simple moving average (4 hours).
There is a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum above $224 and $225.
Binance Coin Price Eyes More Upsides
After a major decline, BNB price found support near the $202 zone. The price traded as low as $203.5 and recently started a recovery wave, similar to Bitcoin and Ethereum.
There was a move above the $212 and $215 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $248 swing high to the $203 low. However, the bears are now defending the $220 resistance zone.
BNB price is still trading below $225 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair.
On the upside, it is facing resistance near the trend line and $225. The trend line is close to the 50% Fib retracement level of the main decline from the $248 swing high to the $203 low. A clear move above the $225 zone could send the price further higher.
Source: BNBUSD on TradingView.com
The next major resistance is near $230, above which the price might rise toward $235. A close above the $235 resistance might increase the chances of a push above the $250 resistance.
Another Decline in BNB?
If BNB fails to clear the $225 resistance, it could start another decline. Initial support on the downside is near the $214 level.
The next major support is near the $212 level. If there is a downside break below the $212 support, the price could drop toward the $202 support. Any more losses could send the price toward the $200 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $214, $212, and $202.
Major Resistance Levels – $225, $230, and $235.
Filed under: Bitcoin - @ August 29, 2023 4:58 am