BNB Price Struggles to Surpass $220 Resistance
The BNB price (Binance Coin) is facing challenges in clearing the $220 resistance against the US Dollar. If it fails, there is a risk of a significant decline below crucial support levels at $210 and $202.
Key Developments
- Binance coin price is gradually declining from the $220 resistance against the US Dollar.
- The price is currently trading below $215 and the 100 simple moving average (4 hours).
- A key bullish trend line near $214.5 was breached on the 4-hour chart of the BNB/USD pair.
Price Consolidation and Potential Movements
After attempting a recovery wave above $210, BNB cleared the $215 resistance zone but failed to surpass $220. The recent decline pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to the $221 high. Currently, the price is consolidating near the 76.4% Fib retracement level.
If a recovery occurs, BNB could face resistance near $213 and the 100 simple moving average (4 hours). A move above the $215 zone might trigger further gains, potentially testing the key resistance at $220-$222. Breaking above $222 could pave the way for a larger increase towards the $250 resistance.
Potential Downside and Support Levels
If BNB fails to clear the $215 resistance, it might initiate another decline. Initial support is anticipated near the $210 level, followed by a more significant support at $207. A downside break below $207 could lead to a drop towards the $202 support. Further losses might result in a larger decline, potentially reaching the $165 level.
Technical Indicators
- 4-Hours MACD – The MACD for BNB/USD is currently in the bearish zone, gaining pace.
- 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is below the 50 level, indicating a bearish momentum.
Summary
In summary, BNB price struggles to surpass the $220 resistance against the US Dollar. The bears have the potential to drive the price below key support levels at $210 and $202. Traders need to monitor the $215 resistance closely, as a breakthrough or rejection at this level could determine the coin’s short-term trajectory.
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