BNB price had a strong dip on February 20th and lost the $400 and $395 support levels then reached $350 on February 22nd. At that level, the price found support and climbed as high as $385 but once again failed to surpass and turned down. Following the strong plunge on February 23rd amid the Russian invasion on Ukraine, BNB price fell down to $335. However, the $330 level did not let Binance Coin fall further. With that, the price had a rebound and surpassed the $360 resistance level as well as the SMA100 yesterday. Today, BNB price reached all the way up to $380 but failed to break through. Currently, BNB is trading at $375.
BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB price finding support at $330 and turning green. Following that, the price bounced back and surpassed the $365 resistance level and peaked at $385.
Currently, the $375 is the first support level for Binance Coin which could eventually push BNB to retest $385. In case of a successful break through, the next resistance level will be at $400 which is a key level. After that, we can expect $410 to be the next resistance level.
On the other hand, if BNB price fails to surpass $380 and subsequently lose the $370 level, further correction will follow.
For the bearish scenario, the $360 near the SMA100 and 50% Fibonacci retracement level will be the key support level. Further decline can bring Binance Coin as low as $340.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for BNB is on an upward momentum.
RSI: the relative strength index is approximately 54.
Resistance levels: BNB`s first resistance level is at $385. Following that, the next ones will be at $400 and then $410 will follow.
Support levels: the first support level is at $370. Then the $360 and following that the $340 to $335 will follow.
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