BNB price (Binance coin) falls below the $310 support against the US dollar. The bears may gain strength if the price drops below $300.
- The price of the Binance coin is falling from the $318 resistance against the US dollar.
- The price is now trading below USD 310 and the 100 simple moving average (4 hours).
- There was a break below a major bullish trendline with support near USD 310 on the 4-hour chart of the BNB/USD pair (data source from Binance).
- The pair could accelerate lower if it breaks the $300 support zone.
Binance Coin price rises again
This past week, BNB price attempted an upside break above the USD 318 resistance. However, the bulls struggled to gain strength above USD 318, similar to Bitcoin and Ethereum.
A high is formed near USD 317.1 and the price started falling again. There was a clear move below the USD 312 and USD 310 levels. There was also a break below a key bullish trendline with support near USD 310 on the 4-hour chart of the BNB/USD pair.
BNB price is now trading below $310 and the 100 simple moving average (4 hours). A low is forming near USD 303.2 and the price is now consolidating losses.
On the upside, BNB is facing resistance near the $306.5 level. It is close to the 23.6% Fib retracement level of the downward move from the $317.1 swing high to the $303.2 low. The first major resistance is near USD 310 and the 100 simple moving average (4 hours).
Source: BNBUSD at TradingView.com
It is close to the 50% Fib retracement level of the downward move from the $317.1 swing high to the $303.2 low. The next major resistance is near USD 315. A clear move above the $315 resistance could trigger a steady rise. The next major resistance is near the $318 level, above which the price might rise towards the $325 resistance.
Lose more in BNB?
If BNB fails to clear the USD 310 resistance, it could decline further. The first support on the downside is near the $303 level.
The next major support is near the $300 level. If there is a downside break below the $300 support, there could be a prolonged decline towards the $292 support. to the $284 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 – $303, $300 and $284.
Key resistance levels – $307, $310 and $315.