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BNB price (Binance Coin) is down more than 25% and trading below $250 against the US Dollar. The price could decline towards the $200 support.
- Binance coin price is trading below the $250 support level against the US Dollar.
- The price is now trading below the $250 level and the 100-day simple moving average.
- There is a major bearish trend line forming with resistance near $280 on the daily chart of the BNB/USD pair (data source from Binance).
- The pair is likely to gain further downside momentum if it breaks the $220 support area.
BNB price continues to decline
In the past few days, BNB price declined above $280 against the US Dollar. The recent SEC lawsuit against Binance is not helping BNB. This is also putting bearish pressure on Bitcoin and Ethereum.
The last major high formed near $352 before the price declined heavily. There was a clear move below the $280 and $250 levels. The decline was such that the price tested the key $220 support area. BNB price is now trading well below the $250 level and the 100-day simple moving average.
A low was formed near $221.2 and the price is now consolidating losses. On the upside, BNB is facing resistance near the $240 level. The first major resistance is near the $250 level. It is close to the 23.6% Fib retracement level of the downside move from the $352 high to $221 low.
Source: BNBUSD on TradingView.com
The next major resistance is near the $270 level. The main resistance is now near the $280 trend line or the 50% Fib retracement level of the decline from the $352 swing high to $221 low. A clear move above the $280 resistance could start a steady rise. The next major resistance is near the $300 level, above which the price is likely to move higher towards the $325 resistance.
more losses?
If BNB fails to overcome the $250 resistance, it could continue to decline. An initial support on the downside is near the $220 level.
The next major support is near the $200 level. If there is a downside break below the $200 support, there could be an extended decline towards the $180 support. Any further losses could send the price towards the $164 support.
technical indicators
Daily MACD – The MACD for BNB/USD is gaining momentum in the bearish zone.
Daily RSI (Relative Strength Index) – The RSI for BNB/USD is currently well below the 50 level.
Key Support Levels – $220, $200, and $180.
Key Resistance Levels – $240, $250, and $280.
