BNB price started a fresh decline from the USD 320 resistance zone. The price is now retesting the USD 290 support and is at risk of more downsides.
- BNB price is gaining bearish momentum through the USD 320 resistance.
- The price is now trading below $310 and the 100 simple moving average (4 hours).
- There was a break below a key bullish trendline with support at $315 on the 4-hour chart of the BNB/USD pair (Binance data source).
- The pair could continue to decline if it fails to hold above the $290 support.
BNB price is affected
In the past few days, BNB Price has made more than three attempts to break the USD 320 resistance zone. However, the bears remained active and protected more gains.
As a result, there was a bearish reaction below the USD 315 level, like Bitcoin and Ethereum. There was a break below a key bullish trendline with support at $315 on the 4-hour chart of the BNB/USD pair. The pair even fell below the USD 300 level and tested the key support at USD 290.
A low is formed near USD 290.3, and the price is now struggling to correct higher. The BNB price is now trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.
Source: BNBUSD on TradingView.com
The next resistance is near the $305 level. It is close to the 50% Fib retracement level of the recent decline from the $320 swing high to the $290 low. A clear move above the $305 zone could send the price rising further. In the said case, BNB price could test $320. A close above the USD 320 resistance could set the pace for a bigger rise towards the USD 335 resistance. Further gains could require a test of the $350 level.
More disadvantages?
If BNB fails to clear the resistance at $305, the price may continue to decline. The initial downside support is near the USD 290 level.
The next major support is near the $285 level. The main support is at $272. If there is a downside break below the USD 272 support, the price could fall towards the USD 250 support. Any further losses could trigger a bigger decline towards the $220 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 – USD 290, USD 285 and USD 272.
Major resistance levels – $298, $305 and $320.
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