The price of Binance (BNB) has resumed its climb after breaking through the $235 resistance.
The bears have delayed the current rise at the recent high. Nonetheless, the current upswing ended at a high of $255.70 on November 6. Binance coin price has retraced and held above $243 in preparation for an upward push. BNB is looking to retest or surpass the previous high. Bullish momentum is hitting resistance at the $252 high.
Meanwhile, a retraced candle approached the 78.6% Fibonacci retracement line of the November 7 rise. The retracement suggests that BNB will rise and reach the previous high before reversing at the 1.272 Fibonacci extension or $269.50. If the bullish scenario is invalidated, BNB will fall above the critical support at $235.00. However, if the critical support level is broken, BNB/USD will fall back to the previous range between $203 and $220.
On the 4-hour chart, BNB's upward movement is at risk after another rejection of the high at $252. The price of the cryptocurrency dipped below the moving average lines during the first rejection, but the bulls bought the dips. After the second rejection, the altcoin is on the retreat again. If the price bars fall below the moving average lines, BNB will fall. Meanwhile, the price bars are above the moving average lines and are in an uptrend.
Key resistance levels – $300, $350, $400
Key support levels – $200, $150, $100
Since November 6, the uptrend has been halted at the high of $255.70. The price of BNB/USD is currently moving between $235 and $255. It depends on the range of fluctuation whether BNB enters an upward or downward trend.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.