18 September 2023
BNB price (Binance coin) stayed above the main $202 support against the US Dollar. The price is recovering and might rally if there is a move above $220.
Binance coin price is slowly moving higher above the $212 level against the US Dollar.
The price is now trading above $214 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum if there is a close above $220.
Binance Coin Price Starts Recovery
After a major decline, BNB price managed to stay above the key support at $202. The price traded as low as $204 and recently started a decent increase, like Bitcoin and Ethereum.
There was a move above the $208 and $210 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $234 swing high to the $204 low. Besides, there was a break above a major bearish trend line with resistance near $213 on the 4-hour chart of the BNB/USD pair.
BNB price is now trading above $214 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $219.50 and $220 levels.
Source: BNBUSD on TradingView.com
The 50% Fib retracement level of the main decline from the $234 swing high to the $204 low is also near $220 to act as a hurdle. A clear move above the $220 zone could send the price further higher. The next major resistance is near $228, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance.
Another Drop in BNB?
If BNB fails to clear the $220 resistance, it could start another decline. Initial support on the downside is near the $214 level and the 100 simple moving average (4 hours).
The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $204 support. Any more losses could send the price toward the $202 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 – $214, $210, and $202.
Major Resistance Levels – $220, $228, and $235.