Binance Coin fell sharply towards the $ 200 support against the dollar. BNB is consolidating and will likely rebound towards above $ 250 and $ 280.


Will Binance Coin make a new move?

Binance Coin price started a strong decline from its all-time high of $ 348 against the dollar.

The price dropped above $ 100, but remained stable above the 100 simple moving average.

The 4-hour chart of the BNB / USDT pair includes a large contract triangle pattern with resistance close to $ 250.

If there is a clear break above $ 250 and $ 280, the pair could start another rally.

If BNB fails to move above $ 255 and $ 260, there could be a new bearish correction. The first major support is near the $ 215 level.

The next major support is near the $ 210 level or the triangle trend line. The triangle support and a downside break below $ 200 could require a sharp drop towards the $ 150 support.


Technical indicators

4-Hour MACD – The MACD for BNB / USDT is moving slow in the bullish zone.

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

Major Support Levels – $ 225, $ 210 and $ 200.

Major Resistance Levels – $ 250, $ 260 and $ 280.

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