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.
