While BNB is recovering, a drop to $200 is imminent

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Binance Coin (BNB) price has found support near $220. As BNB rises, the bears may take a strong position near the $265 zone.

  • Binance Coin (BNB) has started a wave of recovery from the $220 support against the US dollar.
  • BNB is now trading below $265 and the 100 simple moving average (4-hour).
  • An important downtrend line is forming with resistance near $265 on the 4-hour chart of the BNB/USD pair (Data source: Binance).
  • The pair may start a new decline if there is no clear move above the $265 resistance.

Binance Coin: Price Meets Resistance

Over the past week, BNB price has seen a sharp drop below the $250 support zone. It gained bearish momentum against Bitcoin, Ethereum and other currencies. The price fell below the $235 support and tested the $220 support.

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A bottom was formed near $220, as a result of which the price recently started a recovery wave. Binance Coin scaled above the $230 and $235 resistance levels, managing to move well above the 23.6% Fib retracement level of the key pullback from the $291 high to $220 low.

However, Binance Coin (BNB) is still trading below $265 and the 100 simple moving average (4-hours). On the upside, the bears are protecting the $250 and $255 resistance levels. The 50% Fib retracement level of the key drop from the $291 high to the $220 low is also near the $256 level.

Binance Coin Price BNB, Source: BNBUSD on TradingView.com

The next key resistance is near the $265 level. An important downtrend line is also forming with resistance at $265 on the 4-hour chart for the BNB/USD pair. Above this, BNB price is likely to test the $275 level in the near future. Further gains could drive the price towards the $300 level.

Binance Coin: Is Another Crash Imminent?

It is very possible: BNB must now clear the resistance at $265, or else sign a renewed decline. Initial support on the downside is near the $240 and $238 levels.

The first key support is at the $230 level. The next key support is near the $220 level. If the $220 support is broken, an extended decline towards the $200 support is likely.

Technical indicators

  • MACD on 4-hour chart: MACD for the BNB/USD pair is gaining momentum in bullish territory.
  • RSI (Relative Strength Index) on 4-hour chart: RSI for BNB/USD is currently above the 50 level.
  • Important support levels: $238, $230 and $220.
  • Key resistance levels: $255, $265 and $275.

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Text credit: Newsbtc

Last updated on December 20, 2022

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