BNB Price Revives Momentum: Breaking $250 Barrier Could Unlock Further Gains

BNB Price Recovery and Hurdles

BNB price managed to avoid a major decline below $200 and made a recovery against the US Dollar. It climbed above $235, but it now faces several hurdles near $245 and the crucial $250 mark.

Current Price Movement

BNB price is slowly moving higher towards the $250 resistance, trading above $235 and the 100 simple moving average (4 hours). A key bullish trend line has formed with support at $241.5 on the 4-hour chart of the BNB/USD pair, sourced from Binance. A clear move above $250 could trigger bullish momentum and potentially push the price further upwards.

Recent Recovery

Recent positive moves in Bitcoin, Ethereum, and other altcoins have contributed to BNB’s recovery. The price surpassed the $232 and $235 resistance levels, reaching as high as $245.8. Currently, the price is consolidating gains and trading above the 23.6% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high.

Potential Upside and Downside

If the price manages to clear the $245 resistance, the next hurdle lies near $250. A decisive move above $250 could lead to further gains, with potential targets at $265 and $280. On the downside, initial support is near $240 and the trend line. Subsequent support levels include $235 and the 50% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high. A break below $235 might trigger a decline towards $226, and further losses could lead to a larger drop to the $220 level.

Technical Indicators

  • 4-Hours MACD – The MACD for BNB/USD is losing momentum in the bullish zone.
  • 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Key Price Levels

  • Major Support Levels: $240, $235, and $226.
  • Major Resistance Levels: $245, $250, and $265.

Leave a Reply

Your email address will not be published.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