Binance Coin Price Struggles to Break Resistance
In our previous analysis, we discussed the possibility of BNB price reaching the $235 resistance level. Although the price did make its way up to $235, it was unable to sustain its gains.
As a result, the price has started to decline again. On the 4-hour chart of the BNB/USD pair, a key bullish trend line with support near $220 was broken. The pair is now exhibiting bearish signals, trading below $220 and the 100 simple moving average (4 hours), similar to Bitcoin and Ethereum.
Currently, the price is consolidating its losses after hitting a low around $211.1. It is encountering resistance near the $216.5 level and the 100 simple moving average (4 hours). Additionally, it is approaching the 23.6% Fibonacci retracement level of the recent decline from the $235 swing high to the $211 low.
Source: BNBUSD on TradingView.com
If the price manages to break above the $217 zone, it could experience further upward movement. The next significant resistance level is around $225, or the 61.8% Fibonacci retracement level of the recent decline. A close above the $235 resistance could potentially lead to a larger increase, pushing the price towards the $250 resistance.
Potential for Another Decline in BNB
If BNB fails to surpass the $217 resistance, it may enter another decline. The initial support level on the downside is near $211, followed by a major support level around $210. A break below this support could result in the price dropping towards $202. Further losses may even push the price towards the $184 support level.
Technical indicators suggest a bearish trend, with the MACD for BNB/USD in the bearish zone and the RSI below the 50 level.
Support Levels: $211, $210, $202
Resistance Levels: $217, $225, $235
Hot Take: BNB Struggles to Find Bullish Momentum
The recent resistance faced by Binance Coin (BNB) has once again highlighted the challenge in sustaining upward momentum. Despite testing the $235 resistance level, the price failed to maintain its gains and started a fresh decline. The current bearish trend, accompanied by a break in a key bullish trend line, suggests that BNB may face further downward pressure.
However, if the price manages to break above the $217 resistance, it could signal a potential reversal and pave the way for further gains. Traders and investors should closely monitor the price movements and key support and resistance levels to make informed decisions.
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