Anticipating BNB Price Rebound: Bulls Take Charge, Envisaging a Climb to $235

BNB Price Movement Against the US Dollar

The BNB price (Binance coin) has been showing signs of upward movement, starting from the $202 level against the US Dollar. There is a possibility that the price could experience further gains, targeting the resistance levels at $230 and potentially $235.

Technical Indicators

The current technical indicators provide insights into the BNB price movement:

  • The price is gradually advancing from the $202 zone against the US Dollar.
  • At present, the price is trading below both $225 and the 100 simple moving average (4 hours).
  • A bearish trend line is forming, creating resistance around $224 on the 4-hour chart of the BNB/USD pair, sourced from Binance.
  • If the price manages to surpass the $224 and $225 levels, it might gain bullish momentum.

Binance Coin Price Upside Potential

Following a significant decline, the BNB price discovered support in the vicinity of the $202 zone. The price experienced a low near $203.5 and subsequently initiated a recovery phase, mirroring the trends of Bitcoin and Ethereum.

The price successfully surpassed the resistance levels at $212 and $215. Additionally, it climbed above the 23.6% Fibonacci retracement level, considering the main decline from the $248 swing high to the $203 low. However, the bears are demonstrating resistance around the $220 zone.

Notably, the BNB price continues to trade below $225 and the 100 simple moving average (4 hours). The ongoing presence of a bearish trend line is apparent, with resistance forming near $224 on the 4-hour chart of the BNB/USD pair.

Potential Upside Targets

The immediate challenge for the BNB price lies in overcoming the resistance at the trend line and $225 levels. The trend line closely aligns with the 50% Fibonacci retracement level, stemming from the major decline between the $248 swing high and the $203 low. A definitive breakthrough beyond the $225 threshold could potentially propel the price upwards.

The subsequent significant resistance stands near $230. If this level is surpassed, the price might further ascend towards the $235 mark. If the price successfully closes above the $235 resistance, it could potentially enhance the prospects of breaching the $250 resistance level.

Consideration of Further Decline

In the event that the BNB price fails to surmount the resistance at $225, there is a possibility of another downturn. Initial support on the downside is anticipated near the $214 level. Subsequently, a more substantial support level resides around $212. If the price undergoes a downward break below the $212 support, it could potentially slide towards the $202 support level. Further losses might even lead the price towards the $200 support mark.

Technical Indicators at a Glance

The technical indicators provide the following insights:

  • 4-Hours MACD – The MACD for BNB/USD indicates a diminishing pace within the bearish zone.
  • 4-Hours RSI – The RSI for BNB/USD is currently positioned above the 50 level.

Key Support and Resistance Levels

Key support levels to observe: $214, $212, and $202.

Key resistance levels to monitor: $225, $230, and $235.

Leave a Reply

Your email address will not be published. Required fields are marked *