Binance Coin (BNB) is experiencing a downward movement in price against the US Dollar, facing resistance around the $318 mark. Currently, the price has dropped below $310 and the 100 simple moving average over a 4-hour period.
Analyzing the 4-hour chart of the BNB/USD pair, it becomes evident that a significant bullish trend line with support near $310 has been broken. The data source for this information is Binance. If the pair breaches the $300 support zone, there is a possibility of a further acceleration in the downward trend.
During the previous week, BNB made an attempt to break above the $318 resistance. However, similar to Bitcoin and Ethereum, the bulls struggled to gather enough strength to surpass this level. As a result, a high point was formed close to $317.1, initiating a fresh decline. The price witnessed a clear drop below both the $312 and $310 levels. Additionally, the key bullish trend line with support near $310 was also broken.
Currently, BNB is trading below $310 and the 100 simple moving average over a 4-hour period. A low has been established near $303.2, and the price is now consolidating the losses incurred.
Moving to the upside, BNB faces resistance in the vicinity of the $306.5 mark. This level aligns closely with the 23.6% Fibonacci retracement level, calculated from the swing high of $317.1 to the swing low of $303.2. Further up, the first major resistance lies near $310, accompanied by the 100 simple moving average over a 4-hour period. This resistance level also aligns closely with the 50% Fibonacci retracement level.
If BNB manages to breach the $315 resistance, a steady increase may commence. The subsequent major resistance level can be found near $318, beyond which the price might ascend toward the $325 resistance level.
However, failure to surpass the $310 resistance could lead to the continued downward movement for BNB. Initially, support on the downside can be expected around the $303 level, followed by a major support level near $300. In the event of a break below $300, the price could experience an extended decline toward the $292 support level. Further losses may even push the price toward the $284 support level.
Considering the technical indicators, the 4-hour MACD (Moving Average Convergence Divergence) reveals an increasing pace in the bearish zone for BNB/USD. Additionally, the 4-hour RSI (Relative Strength Index) indicates that the current value is below the 50 levels.
To summarize the levels to watch, major support levels for BNB/USD are identified at $303, $300, and $284, while major resistance levels can be found at $307, $310, and $315.
