Binance coin price found support near $200 and started a fresh increase against the USDT. BNB is gaining momentum and it seems like the bulls are eyeing a fresh increase above $300.
- Binance coin price started a fresh increase above $220 and $230 against the USDT.
- The price is trading nicely above $250 and it is well above the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $215 on the 4-hours chart of the BNB/USDT pair (data source from Binance).
- The pair is likely to continue higher above the $260 and $280 resistance levels in the near term.
Binance Coin Price Climbs above $250
After surging above $300, binance coin started a downside correction. BNB declined over $100 and it even spiked below $200. The price traded as low as $196 and it remained stable above the 100 simple moving average (4-hours).
Recently, there was a fresh increase above the $210 and $220 resistance levels. There was also a break above a major bearish trend line with resistance near $215 on the 4-hours chart of the BNB/USDT pair.
Source:
The pair even surpassed the 50% Fib retracement level of the key downward move from the $280 swing high to $196 low. It is now trading nicely above $260, and outperformed bitcoin and ethereum. An immediate resistance is near the $260 level.
The 76.4% Fib retracement level of the key downward move from the $280 swing high to $196 low is acting as a resistance. The next major resistance is near the $275 level, above which the price could surge towards the $300 and $320 levels.
