BNB Price Struggles to Clear Resistance, Dips to $300 Level
BNB price (Binance coin) is facing difficulty in clearing the $315 resistance against the US Dollar and is now declining. As a result, it remains vulnerable to a potential dip below the $300 level.
- The Binance coin price is currently moving lower from the $315 resistance against the US Dollar.
- It is now trading below $312 and the 100 simple moving average (4 hours).
- A bearish trend line has formed with resistance at around $314 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The price might experience a further drop if it breaks the $305 support zone.
Binance Coin Price Dips Again
Last week, the BNB price attempted to break above the $312 resistance in an upward move. However, the bulls failed to push the price beyond $315, a similar scenario to Bitcoin and Ethereum.
A high of around $315.5 was formed, and the price is now in decline. There was a downward move below the 50% Fib retracement level of the upward move from the $304 swing low to the $315 high. Currently, the BNB price is trading below $312 and the 100 simple moving average (4 hours).
Moreover, there is a key bearish trend line that has formed with resistance close to $314 on the 4-hour chart of the BNB/USD pair. The price appears to be approaching the $305 support level.
Source: BNBUSD on TradingView.com
On the upside, BNB is facing resistance near the $312 level and the 100 simple moving average (4 hours). The next major resistance is near the trend line or $315. A clear move above the $315 resistance might trigger a bullish run. The next significant resistance is at the $320 level, beyond which the price could rise towards the $332 resistance. Further gains might push the price towards the $340 level.
More Losses in BNB?
If BNB fails to clear the $315 resistance, it may continue to move downward. The initial support on the downside is near the $307 level. The next primary support is at around the $305 mark. If there is a break below the $305 support, we could see an extended decline towards the $300 support level. Any further losses might drive the price towards the $284 level.
The MACD for BNB/USD on the 4-hour chart is gaining pace in the bearish zone.
The RSI for BNB/USD on the 4-hour chart is currently below the 50 level.
Major Support and Resistance Levels
- Major Support Levels – $305, $300, and $284.
- Major Resistance Levels – $312, $315, and $320.