BNB (Binance Coin) price found support near $255 against the US Dollar. BNB is rising and could pick up pace if it breaks above the $285 resistance zone.
The Binance Coin price started a wave of recovery from the $255 support against the US Dollar. The price is now trading below $280 and the 100 simple moving average (4-hours). A major downtrend line is forming with resistance near $285 on the 4-hours chart of the BNB/USD pair (data feed from Binance). The pair could start a new rally if it breaks above the $285 and $290 levels.
Binance Coin Price Points to a Bullish Breakout
After a steady decline, the BNB price settled below the $280 level. It tested the $255 support zone and traded as low as $253.8. Recently, there was a rally wave above the $260 level, similar to bitcoin and ethereum.
Price rallied above the $265 and $268 resistance levels. There was a clear move above the 23.6% Fibonacci retracement level of the main dip from the $317 high to $253 low However, bnb price is still trading below $280 and the 100 simple moving average (4-hours).
On the upside, the $280 and $285 levels are immediate hurdles. There is also a major downtrend line forming with resistance near $285 on the 4-hours chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
The 50% Fibonacci retracement level of the main decline from the $317 high to $253 low is also near $285. The next major resistance is near the $290 level, above which it is likely that price points to a test of the $320 level in the near term. More gains could send the price looking towards the $350 level.
Recent drop in BNB?
If BNB fails to clear the $285 resistance, a new decline could start. Initial support on the downside is near the $268 and $265 levels.
The first major support is near the $260 level. The next big support is near the $255 level. If there is a break below the $255 support, there could be a prolonged decline towards the $225 support.
technical indicators
4 Hours MACD – The MACD for BNB/USD is picking up pace in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently near the 50 level.
Major Support Levels: $265, $260, and $255.
Major resistance levels: $285, $290 and $320.
This post Breaking this barrier could lead to a significant increase
was published first on https://newsbtc.com/analysis/bnb/bnb-price-prediction-surge-285/
