BNB price (Binance coin) stayed above the main 2 support against the US Dollar. The price is recovering and might rally if there is a move above 0.
- Binance coin price is slowly moving higher above the 2 level against the US Dollar.
- The price is now trading above 4 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near 3 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair might gain bullish momentum if there is a close above 0.
Binance Coin Price Starts Recovery
After a major decline, BNB price managed to stay above the key support at 2. The price traded as low as 4 and recently started a decent increase, like Bitcoin and Ethereum.
There was a move above the 8 and 0 resistance levels. The price climbed above the 23.6% Fib retracement level of the main decline from the 4 swing high to the 4 low. Besides, there was a break above a major bearish trend line with resistance near 3 on the 4-hour chart of the BNB/USD pair.
BNB price is now trading above 4 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the 9.50 and 0 levels.
Source: BNBUSD on TradingView.com
The 50% Fib retracement level of the main decline from the 4 swing high to the 4 low is also near 0 to act as a hurdle. A clear move above the 0 zone could send the price further higher. The next major resistance is near 8, above which the price might rise toward 5. A close above the 5 resistance might set the pace for a larger increase toward the 0 resistance.
Another Drop in BNB?
If BNB fails to clear the 0 resistance, it could start another decline. Initial support on the downside is near the 4 level and the 100 simple moving average (4 hours).
The next major support is near the 0 level. If there is a downside break below the 0 support, the price could drop toward the 4 support. Any more losses could send the price toward the 2 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 – 4, 0, and 2.
Major Resistance Levels – 0, 8, and 5.