In a refreshing upswing, the BNB cryptocurrency price steered clear of a drastic dive below the $200 mark, leading to a remarkable rally against the US Dollar. It ascended past $235, but now finds itself facing a series of challenges in the vicinity of the $245 and $250 levels.
Currently, BNB maintains a gradual upward trajectory as it nudges towards a resistance barrier of $250. This price is comfortably perched above $235 and the 100 simple moving average from a 4-hour standpoint. A significant bullish trend line is sprouting, supporting $241.5 on the 4-hour chart depicting the BNB/USD pair’s movement.
A surge of bullish momentum might be expected if the cryptocurrency triumphs in a sure-footed stride beyond the $250 mark. In recent times, the BNB price saw a comeback of around 10%. Recovery commenced over $220, an established line of resistance that it successfully broke through.
A spate of positive developments in Bitcoin, Ethereum, and other altcoins fueled a respectable rise in BNB. An unwavering escalation was witnessed above $232 and $235 resistance, even kissing the $245 resistance precipice before tumbling. A peak was registered near $245.8 as the price settled into a phase of gain consolidation. This was benchmarked against the 23.6% Fib retracement level from the bullish leap between the $222.5 swing low to the $245.8 zenith.
In the event of a renewed hike, BNB price may brush against resistance circling about the $245 value line. The next round of resistance awaits at $250. A decisive shift over this boundary could drive the price towards unprecedented heights. If such a case unfolds, the path would be paved for the BNB price to touch the $265 mark, and any closure past this resistance might catalyze larger ascents, possibly reaching up to the $280 obstacle.
However, in the case of failure to shatter the $245 resistance, BNB might trigger a downward correction. Initial support in this descent lies at the $240 mark and along the trend line. Further support lurks around the $235 or 50% Fib retracement level of the surge from the $222.5 swing low to the $245.8 high. A downside break under this $235 support could potentially recede the price to the $226 support line. Further losses might herald the advent of a larger fall down to the $220 mark.
The MACD (Moving Average Convergence Divergence) analysis for BNB/USD over four hours indicates a sluggish deceleration within the bullish zone. On the other hand, the Relative Strength Index (RSI) for BNB/USD remains above the 50 mark.
The leading support levels are set at $240, $235, and $226, while formidable resistance strains are defined by values at $245, $250, and $265.
