BNB price is struggling to break the $320 resistance zone. There may be a decline towards the $288 support area before the bulls target another advance.
- BNB price is struggling to break above the $320 resistance level.
- The price is currently trading near $310 and the 100 simple moving average (4-hours).
- A major bearish channel or bullish flag pattern has formed on the 4-hours chart of the BNB/USD pair with resistance near $316 (data source from Binance).
- A stay above the $288 and $282 support levels could allow the pair to continue rising.
BNB price maintains support
BNB price began a significant rise after forming a base above the $280 level. There was a move above the $305 and $315 resistance levels. However, the bears appear to be active around $320.
A high was made near $320 and the price is currently correcting to the upside. However, compared to Bitcoin or Ethereum, the disadvantages are limited. There was a move below the $312 level. The price is currently approaching the 50% Fib retracement level, rising from the $289.4 swing low to the $320.1 high.
BNB price is currently trading near $310 and the 100 simple moving average (4-hours). Additionally, a major bearish channel or bullish flag pattern has formed on the 4-hours chart of the BNB/USD pair, with resistance near $316.
Source: BNBUSD on TradingView.com
Immediate resistance is near the $315 level or channel area. The next resistance is near the $320 level. The price could go even higher if it breaks clearly into the $320 area. As stated, the BNB price could test $340. A break above the $340 resistance could set up a larger upward pace towards the $350 resistance. Any more profits may require testing the $375 level.
Are there any more drawbacks?
If BNB fails to clear the $315 resistance, it may continue to fall. Initial support on the downside is near the $300 level or the 61.8% Fib retracement level of the rise from the $289.4 swing low to the $320.1 high.
The next major support level is near the $292 level. The main support level is $288. A downward breakout below the $288 support may push the price towards the $282 support. Any more losses could trigger a deeper decline towards the $262 level.
technical indicators
4-Hour MACD – The MACD for BNB/USD is losing speed in bullish territory.
4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key support levels – $300, $292, $288.
Key resistance levels – $315, $320, $325.
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