Breaking This Barrier Could Spark a Significant Surge

BNB price (Binance Coin) has found support near the $255 mark against the US Dollar. BNB is on the rise and can pick up momentum if it breaks out of the $285 resistance zone.

  • The price of Binance Coin has begun a wave of recovery from the support of $255 against the US Dollar.
  • The price is currently trading below $280 and the 100 simple moving average (4-hourly).
  • There is a major bearish trend line forming with resistance near the $285 mark on the 4-hourly chart of the BNB/USD pair (data source: Binance).
  • The currency pair can begin a new uptrend if it breaks out of the $285 and $290 levels.

Binance Coin Price Aims to Rise

After a steady decline, BNB price settled below $280. ​​It tested the $255 support zone and dropped to $253.8. Recently, there was a wave of recovery above $260, similar to Bitcoin and Ethereum.

The price has risen above the resistance levels of $265 and $268, and it has obviously surpassed the 23.6% Fib retracement level of the main decline from the high of $317 to the low of $253.However, bnb price is still trading below $280 and the 100 simple moving average (4-hours).

On the upside, the immediate hurdles are the $280 and $285 levels. Also, a major bearish trend line has formed with resistance near the $285 mark on the 4-hourly chart of the BNB/USD pair.

Binance Coin Price BNB

sauce: BNBUSD on TradingView.com

The 50% Fib retracement level of the major decline from the $317 high to the $253 low is also near $285. The next major resistance is near $290, above which the price could test the $320 level in the short term. A further upside could see the price head towards the $350 level.

A new drop for BNB?

If BNB fails to break out of the resistance at $285, a new decline may begin. The first support on the downside is near the $268 and $265 levels.

The first major support is near $260. The next major support is near $255. If the price breaks below the $255 support, the drop could continue towards the $225 support.

Technical Indicators

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

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

Key support levels – $265, $260, $255.

Key resistance levels – $285, $290, $320.

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