BNB Price Prediction: Risk of Sharp Drop Below $300

Aayush Jindal

1 year ago

2 mins read

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BNB price (Binance coin) is moving lower below the $310 support against the US Dollar. The bears could gain strength if there is a close below $300.

Binance coin price is moving lower from the $318 resistance against the US Dollar.
The price is now trading below $310 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $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 Tops Again

This past week, BNB price attempted an upside break above the $318 resistance. However, the bulls struggled to gain strength above $318, similar to Bitcoin and Ethereum.

A high is formed near $317.1 and the price started a fresh decline. There was a clear move below the $312 and $310 levels. There was also a break below a key bullish trend line with support near $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 formed near $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 $310 and the 100 simple moving average (4 hours).

Source: BNBUSD on 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 $315. A clear move above the $315 resistance might start a steady increase. The next major resistance is near the $318 level, above which the price might rise toward the $325 resistance.

More Losses in BNB?

If BNB fails to clear the $310 resistance, it could continue to move down. Initial 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 an extended decline toward the $292 support. Any more losses could send the price toward the $284 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 – $303, $300, and $284.

Major Resistance Levels – $307, $310, and $315.

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.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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