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.

Technical Indicators

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.