BNB recovery may weaken beyond $260.

The price of Binance Coin (BNB) is slowly recovering and has surpassed $245 against the US Dollar. However, it could face strong resistance around $268 and $270.

  • BNB’s price is attempting to recover above $230 against the US Dollar.
  • Currently, it is below $280 and the 100 simple moving average (4 hours).
  • On the 4-hour chart of the BNB/USD pair (data source from Binance), there was a break above a key bearish trend line with resistance near $230.
  • The pair might face many obstacles near $268 and $270.

Binance Coin Price Starts Recovery

Last week, BNB’s price experienced a significant decline from well above $280. It steadily declined below the support zone of $250, putting pressure on Bitcoin and Ethereum.

The price even tested the support zone of $220, forming a low near $220.6, and is now slowly increasing. There was also a move above the resistance of $230. The bulls pushed the price above the 23.6% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low.

Furthermore, there was a break above a key bearish trend line with resistance near $230 on the 4-hour chart of the BNB/USD pair. However, the pair is still trading below $280 and the 100 simple moving average (4 hours).

Source: BNBUSD on TradingView.com

On the upside, BNB is facing resistance near the $255 level. The next major resistance is near $268, which is close to the 50% Fib retracement level of the downward move from the $317.0 swing high to the $220.6 low. A clear move above the $268 resistance and $270 might start a steady increase. The next major resistance is near the $280 level, above which the price might rise toward the $300 resistance.

Another Drop in BNB?

If BNB fails to clear the $268 resistance, it could start another decline. Initial support on the downside is near the $240 level.

The next major support is near the $230 level. If there is a downside break below the $230 support, there could be an extended decline toward the $220 support. Any more losses could send the price toward the $200 support.

Technical Indicators

The MACD for BNB/USD is gaining momentum in the bullish zone, while the RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $240, $230, and $220.

Major Resistance Levels – $255, $268, and $270.

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