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Home»BITCOIN NEWS»BNB price could bounce 10% to clear $250 and retest this key resistance.
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BNB price could bounce 10% to clear $250 and retest this key resistance.

By Crypto FlexsDecember 20, 20233 Mins Read
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BNB price could bounce 10% to clear 0 and retest this key resistance.
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BNB price gained momentum and broke above the $250 resistance line. It is showing positive signs and may bounce towards the $272 resistance zone.

  • BNB price is rising above the $250 resistance.
  • The price is currently trading above $250 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the BNB/USD pair (Binance data source), a breakout occurred above the main bearish trendline with resistance near $252.
  • If there is a clear move above $258, the pair could continue to rise.

BNB price gains traction again

Over the past few days, BNB price has formed a base above the $230 level. The price began a significant rise above the $240 and $242 resistance levels. It also outperformed Ethereum and Bitcoin in the last two sessions.

BNB broke the 76.4% Fib retracement level of the downward move from the $257.1 swing high to the $231.9 low. A breakout also occurred above the main bearish trendline with resistance near $252 on the 4-hours chart of the BNB/USD pair.

It is currently trading above $250 and the 100 simple moving average (4-hours). The current price action is positive and indicates more upside potential above the $258 resistance zone.

The next resistance level is near the $262 level. A clear break above the $262 area could push the price even higher. As stated, the BNB price could test $272. It is close to the 1.618 Fib extension level with a downward move from the $257.1 swing high to the $231.9 low.

Source: BNBUSD on TradingView.com

A close above the $272 resistance line could set up a larger upward pace towards the $285 resistance line. Any more profits may require testing the $300 level.

Correction of shortcomings?

If BNB fails to clear the $258 resistance, a downward correction could begin. Initial support for the downside is near the $248 level.

The next major support level is near the $242 level. The main support level is $232. A downward breakout below the $232 support may push the price towards the $222 support. Any more losses could trigger a deeper decline towards the $205 level.

technical indicators

4-Hour MACD – The MACD for BNB/USD is pacing in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Key support levels – $248, $242, $232.

Key resistance levels – $258, $272, $285.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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