The price of BNB (Binance Coin) found support near $240 against the US Dollar. BNB broke above $260 and may aim further towards the $300 level.
- Binance Coin price launched a wave of recovery from the $240 support against the US Dollar.
- The price is now trading above $265 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trendline with resistance near $250 on the 4-hours chart of the BNB/USD pair (binance data source).
- The pair could rise and could climb further above the $280 resistance zone.
Binance Coin Price Climbs Higher
Last week, the price of BNB formed a support base above the $240 level. A strong wave of recovery has started above the $250 resistance zone.
There was a break above a major downtrend line with resistance near $250 on the 4-hours chart of the BNB/USD pair. The pair advanced above the resistance levels of $255 and $260. Yesterday, there was a push above the $270 resistance zone, similar to Bitcoin and Ethereum.
BNB has traded as high as $283 and is currently consolidating its gains. It is now trading above $265 and the 100 simple moving average (4-hours). It is also near the 23.6% Fib retracement level of the upward move from the low from the $240 low to $283 high.
Source: BNBUSD on TradingView.com
On the upside, the bears protect the resistance levels of $280 and $285. The next major resistance is near the $292 level, above which the price should aim for a test of the near-term $300 level. Any further gains could send the price towards the $320 level.
Dips supported in BNB?
If BNB fails to clear the $280 resistance, it could trigger a downward correction. A first support on the downside is near the $265 level.
The first major support is near the $262 level. It is near the 50% Fib retracement level of the upward move from the $240 low to $283 high. The next major support is near the $255 level. If there is a downside break below the $255 support, there could be an extended drop towards the $240 support.
Technical indicators
4 hour MACD – The MACD for BNB/USD is accelerating into the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Main support levels – $265, $262 and $255.
Main resistance levels – $280, $285 and $300.
