BNB price is struggling to break the USD 320 resistance zone. It could drop towards the $288 support zone before bulls target another surge.
- BNB price is struggling to gain traction above the USD 320 resistance.
- The price is now trading near USD 310 and the 100 simple moving average (4 hours).
- A large descending channel or bullish flag pattern is forming with resistance around $316 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could continue to rise if it remains above the USD 288 and USD 282 support levels.
BNB price holds support
After forming a base above the USD 280 level, BNB price started a decent increase. There was a move above the USD 305 and USD 315 resistance levels. However, the bears seem to be active near the $320 zone.
A high was formed around $320 and the price is now correcting gains. However, the disadvantages are limited compared to Bitcoin and Ethereum. There was a move below the USD 312 level. The price is now approaching the 50% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.
The BNB price is now trading near $310 and the 100 simple moving average (4 hours). There is also a large descending channel or bullish flag pattern forming with resistance around $316 on the 4-hour chart of the BNB/USD pair.
Source: BNBUSD on TradingView.com
Immediate resistance is near the $315 level or in the channel region. The next resistance is near the $320 level. A clear move above the $320 zone could see the price rise further. In the said case, BNB price could test $340. A close above the USD 340 resistance could set the pace for a bigger rise towards the USD 350 resistance. Further gains could require a test of the $375 level.
More disadvantages?
If BNB fails to clear the resistance at $315, the price may continue to decline. Initial support on the downside is near the $300 level or the 61.8% Fib retracement level of the upward move from the $289.4 swing low to the $320.1 high.
The next major support is near the $292 level. The main support is at $288. If there is a downside break below the USD 288 support, the price could fall towards the USD 282 support. Any further losses could trigger a bigger decline towards the $262 level.
Technical indicators
4-hour MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major support levels – USD 300, USD 292 and USD 288.
Major resistance levels – $315, $320 and $325.
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