Bullish Momentum for BNB Shows Signs of Fatigue – Is the Short-term Dip an Appealing Opportunity?

BNB Price Struggle

BNB price is currently facing challenges in clearing the $320 resistance zone and might experience a decline towards the $288 support zone before potential bullish movements.

Technical Overview

The price of BNB is struggling to gain traction above the $320 resistance and is currently trading near $310, close to the 100 simple moving average (4 hours).

A major declining channel or a bullish flag pattern is forming, with resistance near $316 on the 4-hour chart of the BNB/USD pair (data source from Binance).

The pair’s upward movement is contingent on maintaining support levels at $288 and $282.

BNB Price Holds Support

After establishing a base above the $280 level, BNB initiated a decent increase, surpassing resistance at $305 and $315. However, resistance is observed near the $320 zone.

The price, currently near $310 and the 100 simple moving average (4 hours), is approaching the 50% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

Resistance and Upside Potential

Immediate resistance is near the $315 level or the channel region, followed by the $320 level. A clear move above $320 could propel the price higher towards $340, with a close above $340 setting the stage for a larger increase towards the $350 resistance. Further gains might lead to a test of the $375 level.

Potential Downsides

If BNB fails to clear the $315 resistance, it may continue to move down. Initial support on the downside is near the $300 level or the 61.8% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.

The next major support is near the $292 level, with the primary support at $288. A downside break below $288 could result in a drop towards the $282 support, and further losses might initiate a larger decline towards the $262 level.

Technical Indicators

• 4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.
• 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support and Resistance Levels

• Major Support Levels – $300, $292, and $288.
• Major Resistance Levels – $315, $320, and $325.