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Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

BNB Price Takes Hit But 100 SMA Could Trigger Fresh Increase

Aayush Jindal by Aayush Jindal
1 month ago
in BNB
Reading Time: 2 mins read

BNB price (Binance coin) faced a strong rejection near $350 against the US Dollar. it declined heavily and now trading near the key $320 support zone.

  • Binance coin price declined sharply from the $350 resistance against the US Dollar.
  • The price is now trading above $320 and the 100 simple moving average (4 hours).
  • There was a break below a major bullish trend line with support near $332 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 $320.

Binance Coin Price Regains Strength

In the past few days, BNB price saw a decent increase above the $320 level, similar to Bitcoin and Ethereum. The bulls were able to pump the price above the $335 and $340 levels.

However, the bears were active near the $350 level. A high was formed near $352 and the price started a major decline. There was a nasty decline below the $340 and $335 support levels. Besides, there was a break below a major bullish trend line with support near $332 on the 4-hour chart of the BNB/USD pair.

The price tested the $320 support and now trading near the 100 simple moving average (4 hours). It is consolidating losses, with immediate resistance at $328.

The 23.6% Fib retracement level of the downward move from the $352 swing high to the $320 low is also near $328. A clear move above the $328 resistance might spark bullish moves. The next major resistance is near the $335 level.

BNB Price

Source: BNBUSD on TradingView.com

The main resistance is forming near the $340 zone or the 61.8% Fib retracement level of the downward move from the $352 swing high to the $320 low, 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 $328 resistance, it could continue to move down. Initial support on the downside is near the $320 level or the 100 simple moving average (4 hours).

The next major support is near the $317 level. If there is a downside break below the $317 support, there could be an extended decline toward the $300 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing 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 – $320, $317, and $305.

Major Resistance Levels – $328, $335, and $340.

Tags: Binance CoinBNBBNB PriceBNBUSDbnbusdt
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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