BNB Price Primed For Rally And Only 1 Thing Is Holding It Back

BNB price (Binance coin) is recovering above $240 against the US Dollar. The price might gain bullish momentum if it clears $250 and $255. Binance coin price is attempting a recovery wave above $232 against the US Dollar. The price is now trading below $240 and the 100 simple moving average (4 hours). There was a break above a major bearish trend line with resistance near $235 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might gain bullish momentum above $250 and $255. Binance Coin Price Starts Increase In the past few days, BNB price saw a major decline below the $250 support. There was a move below the $240 support zone. The price traded as low as $224 and is currently rising, similar to Bitcoin and Ethereum. There was a move above the $232 resistance. The price climbed above the 50% Fib retracement level of the main drop from the $257 swing high to the $224 low. There was also a break above a major bearish trend line with resistance near $235 on the 4-hour chart of the BNB/USD pair. BNB price is now trading below $240 and the 100 simple moving average (4 hours). On the upside, it is facing resistance near the $250 level. It is close to the 76.4% Fib retracement level of the main drop from the $257 swing high to the $224 low. Source: BNBUSD on TradingView.com The next major resistance is near $255. A clear move above the $250 resistance and $255 might start a steady increase. The next major resistance is near the $270 level, above which the price might rise toward the $285 resistance. Fresh Decline in BNB? If BNB fails to clear the $250 resistance, it could start another decline. Initial support on the downside is near the $240 level and the 100 simple moving average (4 hours). The next major support is near the $232 level. If there is a downside break below the $232 support, the price could revisit the $225 support. Any more losses could send the price toward the $210 support. 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 – $240, $232, and $225. Major Resistance Levels – $250, $255, and $270.