BNB Price At Make-Or-Break Moment, Key Levels To Watch
27 Oktober 2023 - 6:38AM
NEWSBTC
BNB price struggled to climb above $240 and corrected gains against
the US Dollar. It is now approaching a major support zone at $220
and $215. BNB price is slowly moving lower toward the $220 support
against the US Dollar. The price is now trading above $215 and the
100 simple moving average (4 hours). There is a key bullish flag
pattern forming with resistance near $225 on the 4-hour chart of
the BNB/USD pair (data source from Binance). The pair might gain
bullish momentum if there is a clear move above $228. BNB Price
Eyes Fresh Increase These past few days, BNB price saw a decent
recovery wave above the key $220 resistance zone. Bitcoin rallied
over 20% to $35,000 and helped BNB avoid a major downside break.
The price climbed above the $225 and $230 resistance levels.
However, it struggled near the $238-$240 zone. A high was formed
near $237.6 and the price recently started a downside correction.
There was a move below the $235 level. BNB dipped below the 50% Fib
retracement level of the upward move from the $208.3 swing low to
the $237.6 high. It is now trading above $215 and the 100 simple
moving average (4 hours). There is also a key bullish flag pattern
forming with resistance near $225 on the 4-hour chart of the
BNB/USD pair. If there is a fresh increase, the price could face
resistance near the $225 level. The next resistance sits near the
$228 level. A clear move above the $228 zone could send the price
further higher. In the stated case, BNB price could test $238. A
close above the $238 resistance might set the pace for a larger
increase toward the $250 resistance. More Losses? If BNB fails to
clear the $228 resistance, it could start another decline. Initial
support on the downside is near the $220 level and the 61.8% Fib
retracement level of the upward move from the $208.3 swing low to
the $237.6 high. The next major support is near the $215 level or
the 100 simple moving average (4 hours). If there is a downside
break below the $215 support, the price could drop toward the $207
support. Any more losses could initiate a larger decline toward the
$202 level. 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 – $220, $215, and $207. Major
Resistance Levels – $225, $228, and $238.
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