The price of Binance Coin (BNB) has successfully avoided a substantial decline below the $200 mark and has, in fact, staged a recovery against the US Dollar. This resurgence has seen Binance Coin surging past the $235 threshold, although it now encounters several hurdles around the $245 and $250 levels.
As of the latest data, the BNB price is gradually ascending towards the pivotal $250 resistance. It presently resides above $235 and is supported by the 100 simple moving average over a 4-hour span.
A notable development is forming a crucial bullish trend line, offering support at approximately $241.5, according to the 4-hour chart of the BNB/USD trading pair sourced from Binance.
For Binance Coin to attain bullish momentum, it must achieve a clear break above the $250 threshold.
BNB Price Rebounds by 10%
Over the past few days, the BNB price has initiated a recovery wave, exceeding the $220 resistance line. This positive trend in BNB can be attributed to the recent upswings in Bitcoin, Ethereum, and other altcoins, culminating in a significant uptick in BNB’s value.
Gradually, BNB steadily progressed above the $232 and $235 resistance marks, eventually reaching the $245 resistance level. A peak was reached at around $245.8, and the price is presently consolidating these gains. Importantly, the price maintains its position above the 23.6% Fibonacci retracement level, calculated from the lower swing point of $222.5 to the higher point at $245.8.
Notably, BNB is also trading above $235 and is complemented by the support of the 100 simple moving average over a 4-hour period. Forming a pivotal bullish trend line, establishing support at $241.5 on the 4-hour chart of the BNB/USD pair, reinforces the positive outlook.
In the event of further advancement, the price may encounter resistance around the $245 level. Subsequently, the next significant resistance level lies at $250. An unambiguous breach of the $250 mark could propel the price even higher, with $265 as the next likely target. If the price surpasses the $265 resistance, it could set the stage for a more substantial surge toward the $280 resistance.
Potential Downside Correction
However, should BNB struggle to overcome the $245 resistance, a downside correction may be in the offing. Initial support on the downside is located around the $240 level, coupled with the established trend line.
The subsequent crucial support level is positioned near $235 or the 50% Fibonacci retracement level, calculated from the lower swing point at $222.5 to the higher point at $245.8. In the event of a breach below the $235 support, the price might decline towards the $226 support. Further losses could potentially trigger a more significant downtrend, pushing the price closer to the $220 level.