BNB Price Prediction: Recovery To $235 On The Horizon As Bulls Step In

2023-8-29 07:58

BNB price (Binance coin) is moving higher from $202 against the US Dollar. The price could rise further toward the $230 resistance or even $235.

Binance coin price is slowly moving higher from the $202 zone against the US Dollar. The price is now trading below $225 and the 100 simple moving average (4 hours). There is a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain bullish momentum above $224 and $225. Binance Coin Price Eyes More Upsides

After a major decline, BNB price found support near the $202 zone. The price traded as low as $203.5 and recently started a recovery wave, similar to Bitcoin and Ethereum.

There was a move above the $212 and $215 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the $248 swing high to the $203 low. However, the bears are now defending the $220 resistance zone.

BNB price is still trading below $225 and the 100 simple moving average (4 hours). There is also a connecting bearish trend line forming with resistance near $224 on the 4-hour chart of the BNB/USD pair.

On the upside, it is facing resistance near the trend line and $225. The trend line is close to the 50% Fib retracement level of the main decline from the $248 swing high to the $203 low. A clear move above the $225 zone could send the price further higher.

Source: BNBUSD on TradingView.com

The next major resistance is near $230, above which the price might rise toward $235. A close above the $235 resistance might increase the chances of a push above the $250 resistance.

Another Decline in BNB?

If BNB fails to clear the $225 resistance, it could start another decline. Initial support on the downside is near the $214 level.

The next major support is near the $212 level. If there is a downside break below the $212 support, the price could drop toward the $202 support. Any more losses could send the price toward the $200 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 above the 50 level.

Major Support Levels – $214, $212, and $202.

Major Resistance Levels – $225, $230, and $235.

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