Charted: Binance Coin (BNB) Steadies Above $200, Why It Could Rally Again

Charted: Binance Coin (BNB) Steadies Above $200, Why It Could Rally Again

Binance coin price corrected sharply lower towards the $200 support against the USDT. BNB is consolidating and it is likely to rally again above $250 and $280.

  • Binance coin price started a strong decline from a new all-time high at $348 against the USDT.
  • The price declined over $100, but it remained stable above the 100 simple moving average (4-hours).
  • There is a major contracting triangle pattern forming with resistance near $250 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
  • The pair could start another rally if there is a clear break above $250 and $280.

Binance Coin Price Holding Key Support

There was an upside extension in binance coin above the $250 and $300 levels. BNB price even broke the $320 level and traded to a new all-time high at $348.

Recently, there was a sharp decline in bitcoin, ethereum, and altcoins. BNB also corrected lower sharply and broke a couple of important support at $300. It even broke the $250 support level and spiked below the $200 zone.

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A low was formed near $187 before there was a strong recovery. The price climbed above $250, but it failed to gain strength for a push above $300. A high is formed near $280 and the price is currently consolidating. It traded below the 50% Fib retracement level of the recent wave from the $187 swing low to $280 high.

Charted: Binance Coin (BNB) Steadies Above $200, Why It Could Rally Again

An initial support is near the $225 level. It is close to the 61.8% Fib retracement level of the recent wave from the $187 swing low to $280 high. It seems like there is a major contracting triangle pattern forming with resistance near $255 on the 4-hours chart of the BNB/USDT pair.

A clear upside break above the triangle resistance and $260 could open the doors for a fresh increase. The next key resistance is near the $280 level. The main barrier is at $300, above which the price could surge towards $350.

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Dips Supported in BNB?

If BNB fails to continue higher above $255 and $260, there could be a fresh downside correction. The first major support is near the $225 level.

The next major support is near the $210 level or the triangle trend line. A downside break below the triangle support and $200 might call for a sharp decline towards the $150 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USDT is slowly moving in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USDT is currently close to the 50 level.

Major Support Levels – $225, $210 and $200.

Major Resistance Levels – $250, $260 and $280.

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