BNB price (Binance coin) is down more than 25% and is trading below $250 against the US dollar. The price could drop further towards the $200 support.
- The price of the Binance coin is falling below the USD 250 support against the US dollar.
- The price is now trading below USD 250 and the 100-day simple moving average.
- A major bearish trendline is forming with resistance close to USD 280 on the daily chart of the BNB/USD pair (data source from Binance).
- The pair could accelerate further if it breaks the $220 support zone.
BNB price continues to bleed
In recent days, the BNB price saw a major drop well above $280 against the US dollar. The recent SEC lawsuit against Binance is not helping BNB. It is also putting bearish pressure on Bitcoin and Ethereum.
The last major high was formed near USD 352 before the price fell sharply. There was a clear move below the $280 and $250 levels. The decline was such that the price tested the key $220 support zone. BNB price is now trading below USD 250 and the 100-day simple moving average.
A low is forming near USD 221.2 and the price is now consolidating losses. On the upside, BNB is facing resistance near the $240 level. The first major resistance is near $250. It is close to the 23.6% Fib retracement level of the downward move from the $352 swing high to the $221 low.
Source: BNBUSD at TradingView.com
The next major resistance is near $270. The main resistance is now near $280 or the trendline or the 50% Fib retracement level of the downward move from the $352 swing high to the $221 low. A clear move above the $280 resistance could trigger a steady rise. The next major resistance is near the USD 300 level, above which the price could rise towards the USD 325 resistance.
Lose more?
If BNB fails to clear the $250 resistance, it could continue falling. The first support on the downside is near the $220 level.
The next major support is near the $200 level. If there is a downside break below the $200 support, there could be a prolonged decline towards the $180 support. to the $164 support.
Technical indicators
Daily MACD – The MACD for BNB/USD is gaining momentum in the bearish zone.
Daily RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – $220, $200 and $180.
Main resistance levels – $240, $250 and $280.
