BNB (Binance coin) price is struggling to clear the $315 resistance against the US Dollar. It is falling and remains at risk of a move below $300.
- Binance coin price is moving lower from the $315 resistance against the US Dollar.
- The price is now trading below $312 and the 100 simple moving average (4 hours).
- There is a major bearish trend line forming with resistance near $314 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could accelerate lower if it breaches the $305 support area.
Binance coin price fell again
Last week, BNB price attempted an upward breakout above the $312 resistance. However, the bulls struggled to gain strength above $315, similar to Bitcoin and Ethereum.
A top was formed near $315.5 and the price is now moving lower. There was a move below the 50% Fibonacci retracement level of the upward move from the $304 swing low to $315 swing high. BNB price is now trading below $312 and the 100 simple moving average (4 hours).
There is also a major bearish trend line forming with resistance near $314 on the 4-hours chart of the BNB/USD pair. It seems that the price is now approaching the $305 support.
source: BNBUSD on TradingView.com
On the upside, BNB is facing 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 bullish moves. The next major resistance is near the $320 level, above which the price might rise towards the $332 resistance. Any further gains could send the price towards the $340 level.
More losses for BNB?
If BNB fails to clear the $315 resistance, it could continue lower. Initial support is on the downside near the $307 level.
The next major support is near the $305 level. If there is a bearish break below the $305 support, there could be an extended decline towards the $300 support. Any further losses could send the price towards the $284 support.
Technical indicators
4-hour MACD – The MACD for BNB/USD is gaining momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Key Support Levels – $305, $300, $284.
Key resistance levels – $312, $315, and $320.