The Binance Coin (BNB) has faced resistance at the $315 mark against the US Dollar, resulting in a decline. With the price now trading below $312 and the 100 simple moving average (4 hours), the focus turns to crucial support levels. Additionally, a bearish trend line has formed near $314 on the 4-hour chart of the BNB/USD pair, indicating potential downside pressure. This article explores the recent price movements, key levels to watch, and potential scenarios for BNB.
During the previous week, BNB attempted to break above the $312 resistance, mirroring Bitcoin and Ethereum’s struggle for strength beyond their respective barriers. However, BNB faced a similar hurdle at $315.5, resulting in a downward movement. The decline saw the price drop below the 50% Fibonacci retracement level of the upward move from $304 to $315. Currently, BNB is trading below $312 and the 100 simple moving average (4 hours), highlighting a bearish sentiment.
Key Resistance and Support Levels:
On the 4-hour chart of the BNB/USD pair, a significant bearish trend line is taking shape, with resistance forming near $314. As the price approaches the $305 support zone, the next critical resistance lies at $312 and the 100 simple moving average (4 hours). A decisive breakthrough above $315 could ignite a bullish rally, paving the way for further gains towards the $320 and $332 resistance levels. In the event of a reversal, where BNB fails to surpass the $315 resistance, a continuation of the downward movement is expected.
Potential Downside Targets:
If BNB fails to clear the $315 resistance, initial support is anticipated near the $307 level. However, the key support level lies at $305, which, if breached, may lead to an extended decline towards the $300 psychological support. Should selling pressure intensify, the price might target the $284 support level.
The Binance Coin price faced resistance near $315 against the US Dollar, resulting in a downward trajectory. As the price continues to trade below $312 and the 100 simple moving average (4 hours), caution is warranted. The formation of a bearish trend line near $314 adds further weight to the downward pressure. Traders and investors should closely monitor key resistance levels at $312 and $315 and crucial support levels at $307, $305, and $300. The market’s response at these levels will likely determine the next major price movements for BNB.