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.
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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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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