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BNB price (Binance Coin) is trading below the $310 support level against the US Dollar. The bears are likely to consolidate if there is a close below $300.
- Binance coin price is correcting lower against the $318 resistance against the US Dollar.
- The price is now trading below the $310 level and the 100 simple moving average (4-hours).
- There was a break below a key bullish trend line with support near $310 on the 4-hours chart of the BNB/USD pair (data source Binance).
- The pair is likely to move higher if it breaks the $300 support area.
Binance Coin Price Tops Again
Last week, BNB price attempted to break the $318 resistance area. However, similar to bitcoin and ethereum, the bulls struggled to gain strength above the $318 level.
A high was formed near $317.1 and the price started a fresh decline. There was a clear move below the $312 and $310 levels. There was also a break below a key bullish trend line with support near $310 on the 4-hours chart of the BNB/USD pair.
BNB price is now trading below $310 and the 100 simple moving average (4-hours). A bottom was formed near $303.2 and the price is now consolidating losses.
On the upside, BNB is facing resistance near $306.5. It is close to the 23.6% Fib retracement level of the decline from the $317.1 swing high to $303.2 low. The first major resistance is near the $310 and 100 simple moving average (4-hours).
Source: BNBUSD on TradingView.com
It is close to the 50% Fibonacci retracement level of the decline from the $317.1 swing high to $303.2 low. The next major resistance is near the $315 level. A clear move above the $315 resistance could start a steady rise. The next major resistance is near the $318 level, above which the price could move higher towards the $325 resistance.
More Losses in BNB?
If BNB fails to overcome the $310 resistance, it could continue to decline. An initial support on the downside is near the $303 level.
The next major support is near the $300 level. If there is a downside break below the $300 support, there could be an extended decline towards the $292 support. Any further losses could send the price towards the $284 support.
technical indicators
4-hours MACD – The MACD for BNB/USD is gaining momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently well below the 50 level.
Key Support Levels – $303, $300, and $284.
Key Resistance Levels – $307, $310, and $315.
