BNB price (Binance coin) found support near 0 against the US Dollar. BNB is rising and might gain pace if it clears the 0 resistance zone.
- Binance coin price started a recovery wave from the 0 support against the US Dollar.
- The price is now trading above 0 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near 2 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could continue to rally if it clears the 5 and 0 levels.
Binance Coin Price Starts Fresh Increase
After a strong decline, BNB price even settled below the 0 level. It tested the 0 support zone and traded as low as 9.7. The bulls took a stand near 0 and the price started a recovery wave, similar to bitcoin and ethereum.
The price climbed above the 5 and 0 resistance levels. There was a clear move above the 23.6% Fib retracement level of the downward move from the 1 swing high to 9 swing low.
Besides, there was a break above a major bearish trend line with resistance near 2 on the 4-hours chart of the BNB/USD pair. The pair is now trading above 0 and the 100 simple moving average (4-hours).
Source: BNBUSD on TradingView.com
On the upside, the 5 and 0 levels are immediate hurdles. The 50% Fib retracement level of the downward move from the 1 swing high to 9 swing low is also near 5. The next major resistance is near the 0 level, above which the price is likely to aim a test of the 5 level in the near term. Any more gains might send the price towards the 0 level.
Fresh Decline in BNB?
If BNB fails to clear the 0 resistance, it could start a fresh decline. An initial support on the downside is near the 0 level and the 100 simple moving average (4-hours).
The first major support is near the 0 level. The next major support is near the 0 level. If there is a downside break below the 0 support, there could be an extended decline towards the 0 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining 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 – 0, 0 and 0.
Major Resistance Levels – 0, 5 and 0.