- BNB price is slowly moving higher toward the $250 resistance.
- The price is now trading above $235 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair
- The pair might gain bullish momentum if there is a clear move above $250.
The BNB price avoided a significant drop below $200 and recovered against the US Dollar. It has risen beyond $235 and now confronts numerous obstacles at $245 and $250. The price of BNB is gradually rising toward the $250 resistance level.
The Price of BNB Has Recovered By 10%
BNB price has started a comeback wave above the $220 resistance in the last several days. The recent uptick in Bitcoin, Ethereum, and other altcoins prompted a little surge in BNB.
The price has been steadily rising above the $232 and $235 barrier levels. The price even approached the $245 resistance level. The price has formed a high near $245.8 and is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward run from the swing low of $222.5 to the high of $245.8.
BNB is also trading above $235 and the four-hour simple moving average of 100. On the 4-hour chart of the BNB/USD pair, a key bullish trend line is forming with support at $241.5.
Read Also: SOL Drops 5% as FTX Estate Transfers Tokens to Binance, Kraken
If the price rises again, it may encounter resistance near the $245 mark. The next degree of resistance is around $250. A clean break above the $250 level might push the price even higher. In the aforementioned scenario, the BNB price may reach $265. A closing over the $265 resistance level might lay the stage for a greater rise toward the $280 level.
Downside Correction?
If BNB fails to clear the $245 resistance, it could start a downside correction. Initial support on the downside is near the $240 level and the trend line.
The next key support is near the $235 level, which is the 50% Fib retracement of the upward advance from the $222.5 swing low to the $245.8 high. If the price breaks below the $235 support, it may fall toward the $226 support. Any further losses could precipitate a greater drop toward the $220 mark.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
