BNB price (Binance coin) is consolidating above the $320 support against the US dollar. It could trigger a big increase if there is a break above $335.
- The price of Binance coins is trading in a range above $320 resistance against the US dollar.
- The price is now trading below USD 330 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near USD 333 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh increase if it clears $333 and $335.
Binance Coin Price Holds Support
This past week, BNB price attempted an upside breach above the $340 resistance. However, the bulls struggled to gain strength and the price corrected gains similar to Bitcoin and Ethereum.
There was a move below the USD 330 support zone and the price tested USD 320. A low is forming near USD 320.8 and the price is now consolidating. It is now trading below USD 330 and the 100 simple moving average (4 hours). A major bearish trendline is also forming with resistance near USD 333 on the 4-hour chart of the BNB/USD pair.
On the upside, BNB is facing resistance near the $330 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level from the recent drop from the $339 swing high to the $320 low.
Source: BNBUSD at TradingView.com
The next major resistance is near the $335 trendline or the 76.4% Fib retracement level of the recent drop from the $339 swing high to the $320 low. A clear move above the USD 335 resistance could lead to bullish moves. The next major resistance is near the $340 level, above which the price could rise towards the $350 resistance. More gains could send the price towards the $365 level.
Another drop in BNB?
If BNB fails to clear the USD 335 resistance, it could decline further. The first support on the downside is near the $320 level.
The next major support is near the $315 level. If there is a downside break below the $315 support, there could be a prolonged decline towards the $300 support.
Technical indicators
4am MACD – The MACD for BNB/USD is losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – $320, $315 and $300.
Main resistance levels – $330, $335 and $345.
