The Binance Coin (BNB) price is currently on the rise, surpassing the $245 mark against the US Dollar. If it manages to break through the resistance levels of $250 and $255, a significant increase could be on the horizon.

The BNB price has been attempting a new surge from the $232 zone against the US Dollar and is now trading above $240 and the 100 simple moving average (4 hours). A major bearish trend line is forming with resistance near $248 on the 4-hour chart of the BNB/USD pair. If the pair gains bullish momentum above $248 and $250, a fresh rally could be in sight.

In recent days, the BNB price has seen several swing moves from $250. A downward move was observed below the $240 support zone, but the bulls were active near the $232 support zone. The price dipped as low as $231 and is currently on the rise, similar to Bitcoin and Ethereum. It moved above the $240 resistance and climbed above the 50% Fib retracement level of the downward move from the $255 swing high to the $231 low.

The BNB price is now facing resistance near the $248 level. It is close to the 76.4% Fib retracement level of the downward move from the $255 swing high to the $231 low. The next major resistance is near $250. If the price closes above the $250 resistance, the chances of a push above the $255 resistance could increase.

If the BNB price fails to clear the $250 resistance, it could start another decline. Initial support on the downside is near the $240 level and the 100 simple moving average (4 hours). The next major support is near the $232 level. If there is a downside break below the $232 support, the price could drop toward the $222 support. Any further losses could send the price toward the $210 support.

The MACD for BNB/USD is gaining pace in the bullish zone, and the RSI for BNB/USD is currently above the 50 level. Major support levels are at $240, $232, and $225, while major resistance levels are at $250, $255, and $270.