Binance coin price started a fresh rally above the $250 resistance against the USDT. BNB is gaining momentum and it is likely to clear the $300 barrier in the near term.
After forming a base above $200, binance coin started a fresh increase. BNB broke the $220 resistance and recently surpassed the main $250 resistance zone.
It opened the doors for a sharp rally above the $275 and $285 resistance levels. The price traded as high as $297 and is currently correcting lower. BNB declined below the 23.6% Fib retracement level of the upward move from the $214 low to $297 high.
Source: BNBUSDT on TradingView.com
It is still trading well above $260 and the 100 simple moving average (4-hours). The bulls are protecting the $265 and $260 support levels. The next major support is near the $255 level. It is close to the 50% Fib retracement level of the upward move from the $214 low to $297 high.
There is also a key bullish trend line forming with support near $245 on the 4-hours chart of the BNB/USDT pair. On the upside, the bulls are facing resistance near the $285 and $290 levels. The main resistance is still near the $300 level, above which the price is likely to accelerate higher in the near term.
If BNB fails to continue higher above $285 and $295, there could be a fresh downside correction. The first major support is near the $255 level.
The next major support is near the $245 level and the trend line. If there is a downside break below the trend line support, there could be a drop towards the $220 support zone.
Technical Indicators
4-Hours MACD – The MACD for BNB/USDT is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently well above the 50 level.
Major Support Levels – $265, $255 and $245.
Major Resistance Levels – $285, $295 and $300.
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