BNB Price Could See Major Drawdown If It Fails To Stay Above This Support
January 23 2024 - 11:38PM
NEWSBTC
BNB price started a fresh decline from $320 resistance zone. The
price is now retesting the $290 support and is at risk of more
downsides. BNB price is gaining bearish momentum from the $320
resistance. 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 at $315 on the 4-hour chart of the BNB/USD
pair (data source from Binance). The pair might continue to move
down if it fails to stay above the $290 support. BNB Price Takes
Hit In the past few days, BNB price made more than three attempts
to clear the $320 resistance zone. However, the bears remained
active and protected more gains. As a result, there was a bearish
reaction below the $315 level, like Bitcoin and Ethereum. There was
a break below a key bullish trend line with support at $315 on the
4-hour chart of the BNB/USD pair. The pair even declined below the
$300 level and tested the key support at $290. A low is formed near
$290.3, and the price is now struggling to correct higher. BNB
price is now trading below $310 and the 100 simple moving average
(4 hours). Immediate resistance is near the $298 level or the 23.6%
Fib retracement level of the recent decline from the $320 swing
high to the $290 low. Source: BNBUSD on TradingView.com The next
resistance sits near the $305 level. It is close to the 50% Fib
retracement level of the recent decline from the $320 swing high to
the $290 low. A clear move above the $305 zone could send the price
further higher. In the stated case, BNB price could test $320. A
close above the $320 resistance might set the pace for a larger
increase toward the $335 resistance. Any more gains might call for
a test of the $350 level. More Downsides? If BNB fails to clear the
$305 resistance, it could continue to move down. Initial support on
the downside is near the $290 level. The next major support is near
the $285 level. The main support sits at $272. If there is a
downside break below the $272 support, the price could drop toward
the $250 support. Any more losses could initiate a larger decline
toward the $220 level. 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 – $290, $285, and $272. Major
Resistance Levels – $298, $305, and $320.
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