BNB Price At Make-Or-Break Moment, Key Levels To Watch

2023-10-27 05:00:58

BNB price struggled to climb above $240 and corrected gains against the US Dollar. It is now approaching a major support zone at $220 and $215.

BNB price is slowly moving lower toward the $220 support against the US Dollar.
The price is now trading above $215 and the 100 simple moving average (4 hours).
There is a key bullish flag pattern forming with resistance near $225 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum if there is a clear move above $228.

BNB Price Eyes Fresh Increase

These past few days, BNB price saw a decent recovery wave above the key $220 resistance zone. Bitcoin rallied over 20% to $35,000 and helped BNB avoid a major downside break.

The price climbed above the $225 and $230 resistance levels. However, it struggled near the $238-$240 zone. A high was formed near $237.6 and the price recently started a downside correction. There was a move below the $235 level.

BNB dipped below the 50% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high. It is now trading above $215 and the 100 simple moving average (4 hours). There is also a key bullish flag pattern forming with resistance near $225 on the 4-hour chart of the BNB/USD pair.

If there is a fresh increase, the price could face resistance near the $225 level. The next resistance sits near the $228 level. A clear move above the $228 zone could send the price further higher. In the stated case, BNB price could test $238. A close above the $238 resistance might set the pace for a larger increase toward the $250 resistance.

More Losses?

If BNB fails to clear the $228 resistance, it could start another decline. Initial support on the downside is near the $220 level and the 61.8% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high.

The next major support is near the $215 level or the 100 simple moving average (4 hours). If there is a downside break below the $215 support, the price could drop toward the $207 support. Any more losses could initiate a larger decline toward the $202 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing 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 – $220, $215, and $207.

Major Resistance Levels – $225, $228, and $238.

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