BNB price recently faced difficulties in surpassing the $240 level against the US Dollar and went through a correction phase. It is now approaching a significant support zone at $220 and $215.
Currently, BNB price is slowly moving lower towards the $220 support level against the US Dollar. However, it is still trading above $215 and the 100 simple moving average (4 hours), indicating some positive momentum in the market. On the 4-hour chart of the BNB/USD pair, there is a key bullish flag pattern forming with resistance near $225.
If there is a clear and decisive move above $228, the pair might experience bullish momentum and further upward movement. This could potentially lead to a test of the $238 resistance level. A close above this resistance level would set the stage for a more substantial increase in price, with the next target being the $250 resistance level.
In the past few days, BNB price witnessed a decent recovery wave that allowed it to surpass the crucial $220 resistance zone. The rally in Bitcoin, which surged over 20% to $35,000, played a significant role in helping BNB avoid a major downside break.
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After climbing above the $225 and $230 resistance levels, BNB struggled to surpass the $238-$240 zone. As a result, a high was formed near $237.6, and the price recently started a downside correction. It briefly dipped below the $235 level.
Despite the correction, BNB remains above the 50% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high. Additionally, it is still trading above $215 and the 100 simple moving average (4 hours). These factors provide some support to the price.
Looking at the chart, if BNB price manages to overcome the resistance near $225, the next hurdle would be at $228. A successful breach of this level would indicate a higher probability of further gains. On the flip side, if BNB fails to clear the $228 resistance, it could experience another decline.
Initial support on the downside can be found near the $220 level, followed by the 61.8% Fib retracement level of the upward move from the $208.3 swing low to the $237.6 high. A more significant support level lies at $215 or the 100 simple moving average (4 hours). Should the price break below this support, it may drop towards the $207 level. Further losses could possibly lead to a larger decline towards the $202 level.
Analyzing the technical indicators, the 4-hour MACD for BNB/USD is showing signs of losing pace in the bullish zone. However, the 4-hour RSI (Relative Strength Index) is currently above the 50 level, suggesting that there is still some bullish momentum.
In summary, BNB price is facing challenges in surpassing the $240 level and is currently approaching a major support zone at $220 and $215. It needs to overcome resistance levels near $225 and $228 to gain bullish momentum. On the other hand, a break below the support levels could lead to further losses towards $207 and $202.
