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Home»EXCHANGE NEWS»If BNB price fails to stay above this support, it could see a major downside.
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If BNB price fails to stay above this support, it could see a major downside.

By Crypto FlexsJanuary 25, 20243 Mins Read
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If BNB price fails to stay above this support, it could see a major downside.
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BNB price started a new decline from the $320 resistance zone. The price is now retesting the $290 support and is at risk of further downside.

  • BNB price is gaining bearish momentum near the $320 resistance.
  • The price is currently trading below $310 and the 100 simple moving average (4-hours).
  • A break occurred below the main bullish trendline supporting $315 on the 4-hours chart of the BNB/USD pair (data source from Binance).
  • Failure to hold above the $290 support level could lead the pair to continue falling.

BNB price takes a hit

Over the past few days, BNB price has attempted more than three times to break the $320 resistance zone. However, the bears remained active and protected further gains.

As a result, like Bitcoin and Ethereum, a bearish reaction occurred below $315. On the 4-hours chart of the BNB/USD pair, a break occurred below the main bullish trendline supporting $315. The pair dipped below the $300 level and tested key support at $290.

A low was formed near $290.3 and the price is currently struggling to correct higher levels. BNB price is currently trading below $310 and the 100 simple moving average (4-hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.

Source: BNBUSD on TradingView.com

The next resistance is near the $305 level. It is close to 50% of the Fib retracement level of the recent decline from the $320 swing high to the $290 low. Clearly beyond the $305 area, the price could go even higher. As stated, the BNB price could test $320. A close above the $320 resistance could set up a larger upward pace towards the $335 resistance. Any more profits may require testing the $350 level.

Are there any more drawbacks?

If BNB fails to clear the $305 resistance, it may continue to fall. Initial support for the downside is near the $290 level.

The next major support is near the $285 level. Key support is at $272. A downward breakout below the $272 support could push the price towards the $250 support. Any more losses could trigger a deeper decline towards the $220 level.

technical indicators

4-Hour MACD – The MACD for BNB/USD is pacing in bearish territory.

4-Hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Key support levels – $290, $285, $272.

Key resistance levels – $298, $305, $320.

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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