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BNB Price Grinds Lower, Here’s Next Bearish Target Traders Should Watch

The price of BNB has been moving steadily lower from the $325 resistance zone over the course of the last few days. The price fell below the $300 mark, as well as the $310 level. The drop picked more speed once it broke through the $285 support.

Today, its value has decreased by more than 5%, but it has suffered a smaller loss than bitcoin and ethereum.

 A low has been created close to $271, and there was a spike just below the level of $275. As of right present, the price is consolidating losses below the $285 zone as well as the 100 simple moving average (4-hours). In the direction of the uptrend, an immediate barrier can be seen close to the $276 level. It is currently trading close to the 23.6% Fib retracement level of the recent drop from the swing high of $293 to the low of $271.

The next significant barrier is located close to the $282 level. It is currently trading close to the 50% Fib retracement level of the recent drop from the swing high of $293 to the low of $271. The $285 zone is becoming the focal point of the primary resistance. In the 4-hour chart of the BNB/USD pair, there is also an important negative trend line that is forming near $288, which acts as resistance.

A decisive rise over the trend line, followed by a break above $290, might take the price towards the resistance at $300. If there are any additional rises, the price might go closer to the $320 mark.

It’s possible that BNB will continue to fall if it can’t break through the resistance level at $285. The region around the $272 level acts as an early support on the downside.

The area close to $265 represents the first significant support. The area close to $262 constitutes the subsequent big support. In the event that the $262 support is breached to the downside, there is a possibility that the price may continue falling until the $250 support level.

 

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