BNB Price at Make-or-Break Levels As The Bulls Aim Big Above This Resistance

2023-07-11 04:46:38

BNB price (Binance coin) is rising above $245 against the US Dollar. The price could start a strong increase if it clears the $250 and $255 resistance levels.

Binance coin price is attempting a fresh increase from the $232 zone against the US Dollar.
The price is now trading above $240 and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $248 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum above $248 and $250.

Binance Coin Price Eyes Fresh Rally

In the past few days, BNB price saw a couple of swing moves from $250. There was a move below the $240 support zone. However, the bulls were seen active near the $232 support zone.

The price traded as low as $231 and is currently rising, similar to Bitcoin and Ethereum. There was a move above the $240 resistance. The price climbed above the 50% Fib retracement level of the downward move from the $255 swing high to the $231 low.

BNB price is now trading above $240 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $248 level. There is also a major bearish trend line forming with resistance near $248 on the 4-hour chart of the BNB/USD pair.

It is close to the 76.4% Fib retracement level of the downward move from the $255 swing high to the $231 low. The next major resistance is near $250. A close above the $250 resistance might increase the chances of a push above the $255 resistance.

Source: BNBUSD on TradingView.com

A clear move above the $252 resistance might start a steady increase. The next major resistance is near the $270 level, above which the price might rise toward the $285 resistance.

Another Rejection in BNB?

If BNB fails to clear the $250 resistance, it could start another decline. Initial support on the downside is near the $240 level and the 100 simple moving average (4 hours).

The next major support is near the $232 level. If there is a downside break below the $232 support, the price could drop toward the $222 support. Any more losses could send the price toward the $210 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $240, $232, and $225.

Major Resistance Levels – $250, $255, and $270.

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