The BNB price (Binance coin) is still struggling to clear the USD 220 resistance against the US dollar. The price could fall sharply below the USD 210 and USD 202 support levels.
- The price of the Binance coin is slowly moving lower after the $220 resistance against the US dollar.
- The price is now trading below $215 and the 100 simple moving average (4 hours).
- There was a break below a key bullish trendline with support near $214.5 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could accelerate lower if it breaks the $210 support level.
The price of Binance coins remains in danger
Over the past week, BNB price attempted a recovery wave above the $210 level. The price was able to break the USD 215 resistance zone. However, it failed to clear the USD 220 resistance.
There was a new decline in BNB, such as Bitcoin and Ethereum. The price fell below the $215 support level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to the $221 high.
Additionally, there was a break below a key bullish trendline with support around $214.5 on the 4-hour chart of the BNB/USD pair. The price is now trading below $215 and the 100 simple moving average (4 hours).
It is consolidating around the 76.4% Fib retracement level of the upward move from the $207 swing low to the $221 high. If a recovery wave comes, the price may encounter resistance near the $213 level and the 100 simple moving average (4-hours).
Source: BNBUSD on TradingView.com
The next resistance is near the $215 level. A clear move above the $215 zone could send the price rising further. In the mentioned case, BNB price could test the key resistance at $220-$222. A close above the USD 222 resistance could set the pace for a bigger rise towards the USD 250 resistance.
More losses at BNB?
If BNB fails to clear the USD 215 resistance, it could trigger another decline. The initial downside support is near the USD 210 level. The next major support is near the $207 level.
If there is a downside break below the USD 207 support, the price could fall towards the USD 202 support. Any further losses could trigger a bigger decline towards the $165 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is gaining speed in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major support levels – $210, $207 and $202.
Major resistance levels – $215, $220 and $222.
