BNB Price Prediction: Bears Target New Low Under $300
Binance Coin (BNB) has faced resistance at $315 against the US Dollar, resulting in losses. With prices now trading below $312 and the 100 (4hr) simple moving average, focus is turning to a key support level. Moreover, a bearish trend line has formed near $314 on the 4-hour chart of the BNB/USD pair, suggesting potential downside pressure. This article explores recent price movements, key levels to watch, and potential scenarios for BNB.
Deep analysis:
During the previous week, BNB attempted to break above the $312 resistance, reflecting Bitcoin and Ethereum’s struggle to gain strength beyond their respective boundaries. However, BNB faced a similar hurdle at $315.5, resulting in a downside move. The downside saw price drop below the 50% Fibonacci retracement level of the upside from $304 to $315. Currently, BNB is trading below the $312 and 100 simple moving average (4 hours), highlighting the bearish sentiment.
Key Resistance and Support Levels:
On the 4-hour chart of the BNB/USD pair, a significant bearish trend line is forming, with resistance forming near $314. As prices approach the $305 support zone, the next critical resistance lies at $312 and the 100 (4-hour) simple moving average. A decisive break above $315 could trigger a bullish rally, paving the way for further gains towards the $320 and $332 resistance levels. In the event of a reversal, where BNB fails to surpass the $315 resistance, a continuation of the downside move is expected.
Potential Weakness Targets:
In case BNB fails to clear the $315 resistance, initial support is anticipated near the $307 level. However, the main support level lies at $305, which, if broken, could lead to a prolonged decline towards the $300 psychological support. If selling pressure increases, the price may target the $284 support level.
Binance Coin price faced resistance near $315 against the US Dollar, resulting in a downward trajectory. As prices continue to trade below $312 and the 100 (4-hour) simple moving average, caution is warranted. The formation of a bearish trend line near $314 added further weight to the downside pressure. Traders and investors should closely monitor the key resistance levels at $312 and $315 and key support levels at $307, $305 and $300. The market response at these levels will most likely determine the next major price move for BNB.
