Current Market Scenario: Binance Coin (BNB) remains resilient, staying above the crucial support level of $200 against the US Dollar. If it manages to break the resistance level of $220, a potential uptrend may be on the horizon.
- BNB’s value is gradually approaching the pivotal resistance level of $220 against the US Dollar.
- Currently, the price is comfortably above $210 and supported by the 100 simple moving average (4 hours).
- A significant bullish trend line is identified with support around $211.5 on the 4-hour chart of BNB/USD.
- A breach above $220 could spark a bullish momentum for the cryptocurrency.
BNB’s Price Dynamics: Over the past week, BNB’s price tested the support zone between $200 and $202. Despite bearish attempts, the support level held. The price then started trending upwards, following the patterns observed in Bitcoin and Ethereum.
BNB surpassed the thresholds of $210 and $212, challenging the significant resistance level of $220. After reaching a peak near $219.2, the cryptocurrency consolidated its gains and remained above the midpoint of its recent surge from $203 to $220.
With BNB trading above $210 and the 100 simple moving average (4 hours), the support of the bullish trend line at $211.5 further strengthens its position.
Potential Price Movements: If BNB continues its upward trajectory, it may encounter resistance around $215.5. However, the primary resistance level remains at $220. A decisive breakthrough could push the price higher, targeting $235 and potentially leading to a significant rally towards the $250 resistance level.
What If BNB Faces Resistance?: On the downside, if BNB fails to break the resistance level of $220, it may experience a downward correction. The immediate support is at $211, followed by $207, which aligns with the 76.4% Fib retracement level. A breach below this could lead to further decline towards the $202 support level. Additional declines could push the price towards the $185 benchmark.
Technical Insights:
- 4-Hours MACD: BNB/USD’s MACD indicates a slowing bearish momentum.
- 4-Hours RSI: The RSI for BNB/USD remains above the neutral 50 mark.
- Key Support Zones: $211, $207, $202.
- Primary Resistance Zones: $215, $220, $222.
