BNB price (Binance coin) is struggling to clear the $315 resistance against the US dollar. It is declining and continues to risk falling below USD 300.
- The price of the Binance coin is falling from the $315 resistance against the US dollar.
- The price is now trading below USD 312 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near USD 314 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could accelerate lower if it breaks the $305 support zone.
Binance Coin Price Drops Again
This past week, BNB price attempted an upside break above the USD 312 resistance. However, the bulls struggled to gain strength above USD 315, similar to Bitcoin and Ethereum.
A high is formed near $315.5 and the price is now moving lower. There was movement below the 50% Fib retracement level of the upward move from the $304 swing low to the $315 high. BNB price is now trading below USD 312 and the 100 simple moving average (4 hours).
A major bearish trendline is also forming with resistance near USD 314 on the 4-hour chart of the BNB/USD pair. It seems that the price is now approaching the $305 support.
Source: BNBUSD at TradingView.com
On the upside, BNB is facing resistance near the $312 level and the 100 simple moving average (4 hours). The next major resistance is near the trendline or USD 315. A clear move above the USD 315 resistance could lead to bullish moves. The next major resistance is near the USD 320 level, above which the price could rise towards the USD 332 resistance. More profits could send the price towards the $340 level.
Lose more in BNB?
If BNB fails to clear the USD 315 resistance, it could decline further. The first support on the downside is near the $307 level.
The next major support is near the $305 level. If there is a downside break below the $305 support, there could be a prolonged decline towards the $300 support. to the $284 support.
Technical indicators
4am MACD – The MACD for BNB/USD is gaining momentum in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $305, $300 and $284.
Main resistance levels – $312, $315 and $320.
