BNB Price Prediction – Bears Struggle, Will Price Finally Cross $220?
18 Oktober 2023 - 6:58AM
NEWSBTC
BNB price is still consolidating above the $200 support zone
against the US Dollar. It could start a decent increase if there is
a close above the $220 resistance. BNB price is slowly moving
higher toward the $220 resistance against the US Dollar. The price
is now trading above $210 and the 100 simple moving average (4
hours). There is a key bullish trend line forming with support near
$211.5 on the 4-hour chart of the BNB/USD pair (data source from
Binance). The pair might gain bullish momentum if there is a daily
close above $220. BNB Price Remains In A Range This past week, BNB
price again retested the $200-$202 support zone. The bears made
another attempt to clear the key $200 support, but they failed. A
low was formed near $203 before the price started a decent
increase, like Bitcoin and Ethereum. There was a move above the
$210 and $212 levels. The price tested the main $220 resistance. A
high is formed near $219.2 and the price is now consolidating above
the 50% Fib retracement level of the upward move from the $203
swing low to the $220 high. BNB is now trading above $210 and the
100 simple moving average (4 hours). There is also a key bullish
trend line forming with support near $211.5 on the 4-hour chart of
the BNB/USD pair. Source: BNBUSD on TradingView.com If there is a
fresh increase, the price could face resistance near the $215.5
level. The next resistance sits near the $220 level. A clear move
above the $220 zone could send the price further higher. In the
stated case, BNB price could test $235. A close above the $235
resistance might set the pace for a larger increase toward the $250
resistance. More Losses? If BNB fails to clear the $220 resistance,
it could start another decline. Initial support on the downside is
near the $211 level and the trend line. The next major support is
near the $207 level or the 76.4% Fib retracement level of the
upward move from the $203 swing low to the $220 high. If there is a
downside break below the $207 support, the price could drop toward
the $202 support. Any more losses could initiate a larger decline
toward the $185 level. 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 – $211, $207, and $202. Major
Resistance Levels – $215, $220, and $222.
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