Bears Eyeing Below $300 as BNB Price Predicted to Drop

Bears Eyeing Below $300 as BNB Price Predicted to Drop


Binance coin price is facing resistance near the $312 level and the 100 simple moving average, with a potential for further losses if it breaks the $305 support zone.

  • Binance Crypto exchange coin price is moving lower from the $315 resistance against the United States Dollar.
  • The price is now trading below $312 and the 100 simple moving average (4 hours).
  • There is a key bearish tendency line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could accelerate lower if it breaks the $305 support zone.

Binance Crypto exchange Coin Price Dips Again

This last week, BNB price attempted an upside break over the $312 resistance. Nonetheless, the bulls struggled to win strength over $315, similar to Bitcoin (BTC) and Ethereum.

A high is formed near $315.5 and the price is now moving lower. There was a move below the 50 percent Fib retracement level of the upward move from the $304 swing low to the $315 high. BNB price is now trading below $312 and the 100 simple moving average (4 hours).

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There is likewise a key bearish tendency line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair. It appears like the price is now approaching 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 following major resistance is near the tendency line or $315. A clear move over the $315 resistance can potentially spark positive  tendency moves. The following major resistance is near the $320 level, over which the price can potentially boost toward the $332 resistance. Any more profits can potentially send the price toward the $340 level.

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More Losses in BNB?

If BNB fails to clear the $315 resistance, it  can potentially continue to move down. Initial support on the downside is near the $307 level.

The following major support is near the $305 level. If there is a downside break below the $305 support, there may be an extended decline toward the $300 support. Any more losses could send the price toward the $284 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is as of now below the 50 level.

Major Support Levels – $305, $300, and $284.

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Major Resistance Levels – $312, $315, and $320.

Source

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