BNB Price Overview
BNB price recently faced resistance at the $320 zone, initiating a fresh decline. The current focus is on retesting the critical $290 support level, and the potential for further downsides is evident.
Technical Analysis
BNB price is experiencing bearish momentum from the $320 resistance, currently trading below $310 and the 100 simple moving average (4 hours).
Key technical developments include:
- Break below the $315 level, accompanied by a breach of a bullish trend line with support at $315 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- Decline below the $300 level, leading to a test of the crucial support at $290.
Price Correction Scenario
Following a low formation near $290.3, BNB price is struggling to correct higher. Current resistance levels include:
- Immediate resistance near the $298 level, representing the 23.6% Fib retracement level of the recent decline.
- Subsequent resistance at the $305 level, close to the 50% Fib retracement level.
A successful move above the $305 zone could propel the price towards $320. Further gains may target the $335 resistance, with the potential for an extended rally towards $350.
Downside Risks
If BNB fails to surpass the $305 resistance, downside risks increase. Key support levels are:
- Initial support near the $290 level.
- Major support at $285, followed by a critical level at $272.
A breach below $272 could lead to a decline towards the $250 support, and further losses might trigger a more substantial drop towards the $220 level.
Technical Indicators
Key technical indicators:
- 4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish 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 – $290, $285, and $272.
- Major Resistance Levels – $298, $305, and $320.
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