BNB (Binance Coin) has managed to stay above the key support at $202 against the US Dollar and is showing signs of recovery. Here’s a breakdown of its recent price movements and potential future scenarios:
- BNB price recently dipped to $204 but has since started to recover alongside Bitcoin and Ethereum.
- It moved above the $208 and $210 resistance levels.
- BNB broke a major bearish trend line with resistance around $213 on the 4-hour chart.
- The coin is currently trading above $214 and the 100 simple moving average (4 hours).
- On the upside, it faces resistance near $219.50 and $220.
- The 50% Fibonacci retracement level of the decline from the $234 swing high to the $204 low is also around $220, making it a crucial hurdle.
- If BNB can clear the $220 resistance, it may target higher levels such as $228 and $235. A close above $235 could pave the way for a larger uptrend toward $250.
BNB Price Recovers and Breaks Key Resistance Levels
On the other hand, if BNB fails to breach the $220 resistance, it might experience another drop. Initial support lies at around $214 and the 100 simple moving average (4 hours). Further support levels include $210 and $204, with a potential drop to $202 if selling pressure intensifies.
Key technical indicators like the MACD and RSI are currently showing bullish signals, suggesting that BNB might have the potential for an upward breakout.
Please note that cryptocurrency markets are highly volatile, and it’s important to conduct your own research and consider all factors before making investment decisions.