BNB Price Lacks Momentum Above $335 But Dips Likely To Be Limited

Aayush Jindal

2 years ago

2 mins read

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BNB price (Binance coin) faced a major resistance near $345 against the US Dollar. It is now testing key support at $325, below which it might dive to $315.

Binance coin price is slowly moving lower from the $345 resistance against the US Dollar.
The price is now trading below $330 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $325 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could start a fresh increase if it stays above $325.

Binance Coin Price Holds Support

This past week, BNB price saw a decent increase above the $325 level, similar to Bitcoin and Ethereum. The bulls were able to push the price above the $335 and $340 levels.

However, the price faced strong resistance near the $345 level. A high was formed near $345 and the price started a steady decline. There was a move below the $340 and $335 support levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $315 swing low to the $345 high.

It is now trading below $330 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support near $325 on the 4-hour chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

On the upside, BNB is facing resistance near the $330 level and the 100 simple moving average (4 hours). The next major resistance is near the $335 level. A clear move above the $335 resistance might spark bullish moves. The next major resistance is near the $345 level, above which the price might rise toward the $350 resistance. Any more gains might send the price toward the $365 level.

More Losses in BNB?

If BNB fails to clear the $330 resistance, it could continue to move down. Initial support on the downside is near the $325 level or the trend line.

The next major support is near the $322 level. If there is a downside break below the $322 support, there could be an extended decline toward the $315 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $325, $322, and $315.

Major Resistance Levels – $330, $335, and $345.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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