Binance Coin (BNB) has been on the decline against the US Dollar, facing resistance around the $318 mark. Currently, the price is dropping below $310 and the 100 simple moving average over a 4-hour period.
Analyzing the 4-hour chart of the BNB/USD pair, it becomes evident that a significant bullish trend line with support near $310 has been broken. The data source for this information is Binance. If the pair breaks the $300 support zone, there is a possibility of further acceleration in the downtrend.
During the previous week, BNB attempted to break above the $318 resistance. However, similar to Bitcoin and Ethereum, the bulls are struggling to gather enough strength to surpass this level. As a result, a high formed near $317.1, starting a new slide. The price witnessed a clear drop below the $312 and $310 levels. Apart from that, the main bullish trend line with support near $310 was also broken.
Currently, BNB is trading below $310 and the 100 simple moving average over a 4-hour period. The low has been set near $303.2, and the price is now consolidating the losses incurred.
Moving up, BNB is facing resistance around the $306.5 mark. This level aligns with the 23.6% Fibonacci retracement level, counting from a swing high of $317.1 to a swing low of $303.2. Further up, the first major resistance lies near $310, accompanied by the 100 simple moving average over a 4-hour period. This resistance level is also aligned with the 50% Fibonacci retracement level.
If BNB manages to break the $315 resistance, a steady advance could begin. The next major resistance level can be found near $318, beyond which the price might advance towards the $325 resistance level.
However, failure to overcome the $310 resistance could lead to a further downside move for BNB. Initially, support on the downside can be expected around the $303 level, followed by a major support level near $300. In case of a break below $300, the price could experience a prolonged decline towards the $292 support level. Further losses could even push the price towards the $284 support level.
Taking into account the technical indicators, the 4-hour MACD (Moving Average Convergence Divergence) is showing an increase in pace in the bearish zone for BNB/USD. Also, the 4 hours RSI (Relative Strength Index) indicates that the current rate is below the 50 level.
To summarize the levels to watch, key support levels for BNB/USD are identified at $303, $300, and $284, while key resistance levels can be found at $307, $310, and $315.