Binance Coin Price Facing Resistance
The price of Binance Coin (BNB) is gradually declining after encountering resistance at $220 against the US Dollar. Currently, the price is trading below $215 and the 100 simple moving average (4 hours).
Break Below Bullish Trend Line
On the 4-hour chart of the BNB/USD pair, a key bullish trend line with support near $214.5 was broken. This indicates a bearish move in the price.
The price is now consolidating near the 76.4% Fibonacci retracement level of the upward move from the $207 swing low to the $221 high.
Possible Acceleration Lower
If the price breaks below the $210 support level, it might accelerate lower. This could lead to further losses in BNB.
Binance Coin Price Remains At Risk
Last week, BNB attempted a recovery above $210 but failed to break the $220 resistance. As a result, BNB, along with Bitcoin and Ethereum, experienced a decline.
BNB dropped below the $215 support level and fell below the 50% Fibonacci retracement level of the upward move from $207 to $221.
Furthermore, there was a break below a key bullish trend line with support at around $214.5 on the 4-hour chart of BNB/USD. The price is currently trading below $215 and the 100 simple moving average (4 hours).
Possible Recovery Wave
If there is a recovery wave, the price may face resistance near $213 and the 100 simple moving average (4 hours). The next major resistance sits at around $215.
A clear move above $215 could push the price higher and potentially test the main resistance at $220-$222. Breaking above $222 could pave the way for a larger increase towards the $250 resistance level.
More Losses in BNB?
If BNB fails to clear the $215 resistance, it could experience another decline. The initial support on the downside is near $210, followed by major support at around $207.
A downside break below $207 may lead to a drop towards the $202 support level. Further losses could potentially trigger a larger decline towards $165.
Technical Indicators
The 4-hour MACD for BNB/USD is showing increasing bearish momentum, while the RSI is currently below the 50 level.
Source: BNBUSD on TradingView.com
Hot Take: BNB Faces Resistance and Potential Decline
The price of Binance Coin (BNB) is struggling to break through key resistance levels, indicating a risk of further decline. Failure to surpass the $215 resistance could lead to a downward movement towards support levels at $210 and $207. Technical indicators suggest bearish momentum in the market. However, if BNB manages to overcome resistance and surpass the $215 mark, it may experience an upward surge towards the main resistance at $220-$222. Traders should closely monitor these levels to make informed decisions about their BNB investments.
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