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 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.
- 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.
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