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BNB price (Binance Coin) is struggling to clear the $315 resistance against the US Dollar. It is declining and remains at risk of further downside below $300.
- Binance coin price is declining below the $315 resistance against the US Dollar.
- The price is now trading below $312 and the 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $314 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- If the pair breaks the $305 support area, the pair is likely to move higher.
Binance Coin price drops again
Last week, BNB price attempted to break the $312 resistance area. However, similar to bitcoin and ethereum, the bulls struggled to gain strength above the $315 level.
There formed a high near $315.5 and the price is now correcting lower. There was a move below the 50% Fibonacci retracement level of the upward move from the $304 swing low to $315 high. BNB price is now trading below $312 and the 100 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $314 on the 4-hours chart of the BNB/USD pair. It seems that the price is now correcting near the $305 support.
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 could trigger a bullish move. The next major resistance is near the $320 level, above which the price is likely to move higher towards the $332 resistance. Any further gains could send the price towards the $340 level.
More Losses in BNB?
If BNB fails to surpass the $315 resistance, it could continue to decline. An initial support on the downside is near the $307 level.
The next major support is near the $305 level. If there is a downside break below the $305 support, there could be an extended decline towards the $300 support. Any further losses could send the price towards the $284 support.
technical indicators
4-hours MACD – The MACD for BNB/USD is gaining momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well below the 50 level.
Key Support Levels – $305, $300, and $284.
Key Resistance Levels – $312, $315, and $320.
