BNB Price Prediction: Why Bulls Could Aim Recovery To $230
23 Agosto 2023 - 1:52AM
NEWSBTC
BNB price (Binance coin) is attempting a recovery from $202 against
the US Dollar. The price could start a strong increase if it clears
the $215 resistance level. Binance coin price is slowly moving
higher from the $202 zone against the US Dollar. The price is now
trading below $230 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance
near $208 on the 4-hour chart of the BNB/USD pair (data source from
Binance). The pair might gain bullish momentum above $215 and $216.
Binance Coin Price Eyes Fresh Increase In the past few days, BNB
price saw a major decline from well above the $235 level. The price
declined below the $225 and $220 levels to enter a bearish zone,
similar to Bitcoin and Ethereum. It even spiked below the $212
support. It tested the $202 zone and recently started an upside
correction. There was a move above the $210 level. Besides, there
was a break above a key bearish trend line with resistance near
$208 on the 4-hour chart of the BNB/USD pair. However, BNB price is
still trading well below $230 and the 100 simple moving average (4
hours). On the upside, it is facing resistance near the $214 level.
It is close to the 23.6% Fib retracement level of the downward move
from the $248 swing high to the $203 low. Source: BNBUSD on
TradingView.com A clear move above the $214 zone could send the
price further higher. The next major resistance is near $225 or the
50% Fib retracement level of the downward move from the $248 swing
high to the $203 low. A close above the $225 resistance might
increase the chances of a push above the $230 resistance. Another
Decline in BNB? If BNB fails to clear the $214 resistance, it could
start another decline. Initial support on the downside is near the
$208 level. The next major support is near the $202 level. If there
is a downside break below the $202 support, the price could drop
toward the $200 support. Any more losses could send the price
toward the $185 support. Technical Indicators 4-Hours MACD – The
MACD for BNB/USD is losing pace in the bearish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for BNB/USD is currently near
the 50 level. Major Support Levels – $208, $202, and $200. Major
Resistance Levels – $214, $225, and $230.
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