BNB Price Consolidates Below $250: What Could Trigger A Fresh Increase

Jul 28, 2023 06:00 am Cryptocurrency 108

BNB price (Binance coin) is consolidating below $250 against the US Dollar. The price could start a strong increase if it clears the $245 and $250 resistance levels.

Binance coin price is struggling to gain pace above the $250 zone against the US Dollar.

The price is now trading below $245 and the 100 simple moving average (4 hours).

There was a break above a key bearish trend line with resistance near $240 on the 4-hour chart of the BNB/USD pair (data source from Binance).

The pair might gain bullish momentum above $245 and $250.

Binance Coin Price Eyes Fresh Increase

In the past few days, BNB price saw a couple of swing moves from $245. The bulls struggled to push the price above the $250 resistance. The price reacted to the downside a couple of times and tested the $235 support zone.

A low is formed near $253.6 and the price is attempting a fresh increase, unlike Bitcoin
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