Resistance

BNB price avoided a major decline below $200 and recovered against the US Dollar. It climbed above $235 and now faces many hurdles near $245 and $250. 
<ul> 
 <li>BNB price is slowly moving higher toward the $250 resistance.</li> 
 <li>The price is now trading above $235 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).</li> 
 <li>The pair might gain bullish momentum if there is a clear move above $250.</li> 
</ul> 
<h2 id="bnb-price-recovers-10">BNB Price Recovers 10%</h2> 
These past few days, BNB price managed to start a recovery wave above the $220 resistance. The recent positive moves in <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-big-challenge-35250/" target="_blank" rel="noopener ">Bitcoin</a>, <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-grinds-higher-2000/" target="_blank" rel="noopener ">Ethereum</a>, and other altcoins sparked a decent increase in BNB. 
There was a steady move above the $232 and $235 resistance levels. The price even climbed toward the $245 resistance. A high is formed near $245.8 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high. 
BNB is also trading above $235 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support at $241.5 on the 4-hour chart of the BNB/USD pair. 
<a href="https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468"><img decoding="async" loading="lazy" class="alignnone size-full wp-image-559263" src="https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468" alt="BNB Price" width="1024" height="468" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/Binance-Coin-BNB.png?resize=1024%2C468?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BNBUSD/" target="_blank" rel="noopener nofollow">BNBUSD on TradingView.com</a> 
If there is a fresh increase, the price could face resistance near the $245 level. The next resistance sits near the $250 level. A clear move above the $250 zone could send the price further higher. In the stated case, BNB price could test $265. A close above the $265 resistance might set the pace for a larger increase toward the $280 resistance. 
<h2 id="downside-correction">Downside Correction?</h2> 
If BNB fails to clear the $245 resistance, it could start a downside correction. Initial support on the downside is near the $240 level and the trend line. 
The next major support is near the $235 level or 50% Fib retracement level of the upward move from the $222.5 swing low to the $245.8 high. If there is a downside break below the $235 support, the price could drop toward the $226 support. Any more losses could initiate a larger decline toward the $220 level. 
Technical Indicators 
4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. 
Major Support Levels – $240, $235, and $226. 
Major Resistance Levels – $245, $250, and $265.

BNB Price Shows Signs of Life But $250 Is The Key To More Upsides

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