BNB Steadies Above $200 But Could Rally Again Soon: Analysis

BNB steadies above the $200 level but could rally again soon as it is consolidating and will shoot higher above $280 so let’s read more in our latest Binance coin news.

The Binance coin price started a strong drop from the new all-time high of $348 against USDT and the price dropped by over $100 but remained stable above the 100 simple moving average. There was a contracting triangle pattern that formed near the $250 resistance on the 4-hour charts of the pair which could start another rally if there’s a clear break above $250. There was an upside extension on the coin above $250 with the price breaking the $230 level and traded to a new ATH of $348.

There was a sharp decline in BTC, ETH, and other altcoins as BNB also corrected lower and broke a few of the important support levels at $300. It even broke the $250 support level and skyrocketed below $200. A new low was formed near $187 before there was another recovery and the price also climbed above $250 but failed to gain more strength for a push above $300. The new high is formed near the $280 level and the price is now consolidating. It traded below the 50% fib retracement level of the recent wave from the $187 low to $280 high.

BNB daily — BNB 24-hour Price Chart (Source: Coingecko)

The initial support is near the $225 level and closer to the 61.8% fib retracement level from the wave at $187 low to $280 high. It seems that there’s a major contracting triangle pattern that is forming with resistance near the $255 level on the 4-hour charts of the pair. BNB steadies above these levels so a clear breakout at $260 could open the doors for another increase with the next key resistance nearing the $280 level. The main barrier was set at $300 above which the price will surge to $350. If BNB fails to continue higher above $260, there will be a fresh downside correction with the first major support nearing the $225 level. The next major support will be set at $210 and a downside break below the triangle will eventually call for a sharper decline towards $150 support.

The 4-hour MACD for the pair is entering the bullish zone with the RSI for the pair close to the 50 levels.

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