BNB price (Binance coin) faced a major resistance near $345 against the US dollar. It is now testing key support at $325, below which it may dive to $315.
- The price of the Binance coin is slowly falling from the $345 resistance against the US dollar.
- The price is now trading below USD 330 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near USD 325 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh increase if it continues above USD 325.
Binance Coin Price Holds Support
This past week, BNB price saw a decent increase above the USD 325 level, similar to Bitcoin and Ethereum. The bulls were able to push the price above $335 and $340.
However, the price encountered strong resistance near the USD 345 level. A high was formed near USD 345 and the price started a steady decline. There was a move below the $340 and $335 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $315 swing low to the $345 high.
It is now trading below USD 330 and the 100 simple moving average (4 hours). Moreover, a major bullish trendline is forming with support near USD 325 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD at TradingView.com
On the upside, BNB is facing resistance near the $330 level and the 100 simple moving average (4 hours). The next major resistance is near the USD 335 level. A clear move above the $335 resistance could lead to bullish moves. The next major resistance is near the $345 level, above which the price could rise towards the $350 resistance. More gains could send the price towards the $365 level.
Lose more in BNB?
If BNB fails to clear the USD 330 resistance, it could decline further. The first support on the downside is near the $325 level or trendline.
The next major support is near the $322 level. If there is a downside break below the $322 support, there could be a prolonged decline towards the $315 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 – $325, $322 and $315.
Main resistance levels – $330, $335 and $345.
