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.
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