The price of BNB (Binance coin) is struggling to clear the $315 resistance against the US Dollar. It is declining and remains risky on a move below $300.
- The price of Binance coin is moving lower from the $315 resistance against the US Dollar.
- The price is currently trading below $312 and the 100 simple moving average (4 hours).
- There is a key bearish trend line formed with resistance near $314 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair may accelerate lower if it breaks the $305 support zone.
Binance Coin Price Drops Again
This past week, BNB price attempted an upside break above the $312 resistance. However, bulls are struggling to gain strength above $315, similar to Bitcoin and Ethereum.
A high was formed near $315.5 and the price is currently moving lower. There is a move below the 50% Fib retracement level of the upward move from the $304 swing low to the $315 high. The price of BNB is currently 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-hour chart of the BNB/USD pair. It looks like the price is approaching the $305 support.
Source: BNBUSD on TradingView.com
On the upside, BNB faces 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 may rise to the $332 resistance. Any further gains could send the price to the $340 level.
More BNB Losses?
If BNB fails to clear the $315 resistance, it may continue lower. 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 upside decline to the $300 support. Any further losses could send the price to the $284 support.
4-Hours MACD – The MACD for BNB/USD is strengthening in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB / USD is currently below the 50 level.
Key Support Levels – $305, $300, and $284.
Key Resistance Levels – $312, $315, and $320.