BNB Price Primed For Rally And Only 1 Thing Is Holding It Back

2023-07-03 04:51:13

BNB price (Binance coin) is recovering above $240 against the US Dollar. The price might gain bullish momentum if it clears $250 and $255.

Binance coin price is attempting a recovery wave above $232 against the US Dollar.
The price is now trading below $240 and the 100 simple moving average (4 hours).
There was a break above a major bearish trend line with resistance near $235 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum above $250 and $255.

Binance Coin Price Starts Increase

In the past few days, BNB price saw a major decline below the $250 support. There was a move below the $240 support zone. The price traded as low as $224 and is currently rising, similar to Bitcoin and Ethereum.

There was a move above the $232 resistance. The price climbed above the 50% Fib retracement level of the main drop from the $257 swing high to the $224 low. There was also a break above a major bearish trend line with resistance near $235 on the 4-hour chart of the BNB/USD pair.

BNB price is now trading below $240 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $250 level. It is close to the 76.4% Fib retracement level of the main drop from the $257 swing high to the $224 low.

Source: BNBUSD on TradingView.com

The next major resistance is near $255. A clear move above the $250 resistance and $255 might start a steady increase. The next major resistance is near the $270 level, above which the price might rise toward the $285 resistance.

Fresh Decline in BNB?

If BNB fails to clear the $250 resistance, it could start another decline. Initial support on the downside is near the $240 level and the 100 simple moving average (4 hours).

The next major support is near the $232 level. If there is a downside break below the $232 support, the price could revisit the $225 support. Any more losses could send the price toward the $210 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $240, $232, and $225.

Major Resistance Levels – $250, $255, and $270.

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