BNB Price Consolidates Below $250: What Could Trigger A Fresh Increase

2023-07-28 04:17:46

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

Binance coin price is struggling to gain pace above the $250 zone against the US Dollar.
The price is now trading below $245 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $240 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain bullish momentum above $245 and $250.

Binance Coin Price Eyes Fresh Increase

In the past few days, BNB price saw a couple of swing moves from $245. The bulls struggled to push the price above the $250 resistance. The price reacted to the downside a couple of times and tested the $235 support zone.

A low is formed near $253.6 and the price is attempting a fresh increase, unlike Bitcoin and Ethereum. There was a move above the $240 resistance. The price spiked above the 23.6% Fib retracement level of the downward move from the $262 swing high to the $235 low.

There was also a break above a key bearish trend line with resistance near $240 on the 4-hour chart of the BNB/USD pair. BNB price is now trading below $245 and the 100 simple moving average (4 hours).

On the upside, it is facing resistance near the $245 level. The next major resistance is near $250 or the 50% Fib retracement level of the downward move from the $262 swing high to the $235 low. 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 $255 resistance might start a steady increase. The next major resistance is near the $262 level, above which the price might rise toward the $270 resistance.

Another Decline in BNB?

If BNB fails to clear the $245 resistance, it could start another decline. Initial support on the downside is near the $236 level.

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 $220 support. Any more losses could send the price toward the $212 support.

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 – $236, $232, and $220.

Major Resistance Levels – $245, $250, and $255.

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