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Home»EXCHANGE NEWS»BNB price signals bullish exhaustion, is bearish attractive in the near term?
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BNB price signals bullish exhaustion, is bearish attractive in the near term?

By Crypto FlexsJanuary 18, 20243 Mins Read
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BNB price signals bullish exhaustion, is bearish attractive in the near term?
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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.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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