BNB price found support at $190 on June 19 and set on a new recovery attempt. Subsequently, Binance Coin continued by hitting the top and bottom of the channel. With that, it reached the bottom at $220 on July 13 and surpassed the $250 and reached the top at $275. Then again, BNB price had to back down and settle at $250 with a correction. Once again, the price found support and BNB is currently trading at $260.
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BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB finding support at $185 and setting on an upward channel. Following that, the price hit the bottom at $220 and continued upwards. It reached $275 at the top of the channel and had to back down. With a correction, BNB fell as low as $250 and once again found support.
Currently, the $265 near the SMA100 is the first resistance level for the price. In case it manages to surpass this level, it would approach the top of the channel at $280. For the bullish scenario, the $290 and $300 are the next resistance levels for the price.
On the other hand, if BNB price fails to surpass $265, there could be further correction to follow.
For the bearish scenario, the $250 is the first support level. In case of losing this level, the $235 at the bottom of the channel will be next.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for BNB is on an downward momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: BNB`s first resistance level is at $265. Following that, the next ones will be at $280 and then $300 will follow.
Support levels: the first support level is at $250. Then the $240 and following that the $230 will follow.
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