BNB Price Faces Bearish Momentum
The price of BNB is currently experiencing a bearish trend after facing resistance at the $320 level. This has caused the price to drop below $310 and the 100 simple moving average (4 hours).
Bullish Trend Line Break
A key bullish trend line with support at $315 was broken on the 4-hour chart of the BNB/USD pair. This decline is similar to what Bitcoin and Ethereum have experienced. The pair even fell below $300 and tested the crucial support at $290.
Struggling to Correct Higher
After reaching a low near $290, the price of BNB is currently struggling to correct higher. It remains below $310 and the 100 simple moving average (4 hours). The immediate resistance is around $298 or the 23.6% Fib retracement level from the recent decline.
Source: BNBUSD on TradingView.com
Potential Resistance and Further Increase
The next resistance level for BNB is around $305, close to the 50% Fib retracement level. If the price breaks above this zone, it could continue to rise and potentially test $320. A close above $320 might lead to further gains towards the $335 and even $350 levels.
Possible Downside Movement
If BNB fails to surpass the resistance at $305, it could continue its downward movement. The initial support level on the downside is around $290, followed by a major support level near $285. The main support level sits at $272. Breaking below this level could lead to a larger decline towards $250 and even $220.
Technical Indicators
The MACD for BNB/USD on the 4-hour chart is showing an increase in bearish momentum. The RSI (Relative Strength Index) is currently below the 50 level.
Major Support and Resistance Levels
Major support levels for BNB are at $290, $285, and $272. On the other hand, major resistance levels are at $298, $305, and $320.
Hot Take: BNB Price Faces Bearish Momentum as Bulls Struggle to Gain Control
The price of BNB is currently facing bearish momentum as it fails to break above the resistance level at $320. This has resulted in a downward movement, with the price trading below key levels such as $310 and the 100 simple moving average (4 hours). If the price fails to stay above the support at $290, it could continue to move down. However, if it manages to break above the resistance at $305, we may see a further increase in price towards $320 and beyond. Traders should closely monitor these key levels to determine the future direction of BNB.
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