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Thursday, February 2, 2023
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    HomeMarketBNB Price Rebounds Toward $250 But Risk of Drop To $200 Still...

    BNB Price Rebounds Toward $250 But Risk of Drop To $200 Still Exists

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    BNB value (Binance coin) discovered help close to $220 towards the US Greenback. BNB is rising, however the bears might take a powerful stand close to the $265 zone.

    • Binance coin value began a restoration wave from the $220 help towards the US Greenback.
    • The worth is now buying and selling under $265 and the 100 easy shifting common (4-hours).
    • There’s a essential bearish development line forming with resistance close to $265 on the 4-hours chart of the BNB/USD pair (knowledge supply from Binance).
    • The pair might begin a recent decline except there’s a clear transfer above the $265 resistance.

    Binance Coin Worth Faces Resistance

    This previous week, BNB value noticed a serious decline under the $250 help zone. It gained bearish momentum towards bitcoin, ethereum and different friends. The worth tumbled under the $235 help towards the US greenback and examined the $220 help.

    A low was fashioned close to $220.1 and the value not too long ago began a restoration wave. The worth climbed above the $230 and $235 resistance ranges. There was a transparent transfer above the 23.6% Fib retracement degree of the important thing drop from the $291 swing excessive to $220 low.

    Nevertheless, bnb value remains to be buying and selling under $265 and the 100 easy shifting common (4-hours). On the upside, the bears are defending the $250 and $255 resistance ranges. The 50% Fib retracement degree of the important thing drop from the $291 swing excessive to $220 low can be close to the $256 degree.

    Binance Coin Price BNB

    Supply: BNBUSD on TradingView.com

    The following main resistance is close to the $265 degree. There’s additionally a vital bearish development line forming with resistance close to $265 on the 4-hours chart of the BNB/USD pair, above which the value is more likely to intention a take a look at of the $275 degree within the close to time period. Any extra positive factors may ship the value in direction of the $300 degree.

    Recent Decline in BNB?

    If BNB fails to clear the $265 resistance, it might begin a recent decline. An preliminary help on the draw back is close to the $240 and $238 ranges.

    The primary main help is close to the $230 degree. The following main help is close to the $220 degree. If there’s a draw back break under the $220 help, there could possibly be an prolonged decline in direction of the $200 help.

    Technical Indicators

    4-Hours MACD – The MACD for BNB/USD is gaining tempo within the bullish zone.

    4-Hours RSI (Relative Power Index) – The RSI for BNB/USD is at present above the 50 degree.

    Main Help Ranges – $238, $230 and $220.

    Main Resistance Ranges – $255, $265 and $275.



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