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BNB, the native token of the Binance Smart Chain, experienced a drop on Friday, showing a huge red candlestick after opening at around $305 and moving downward toward $297.93. 
This downward move began with a rejection at $312.53 on Wednesday, thereby creating resistance at the same level. At the time of writing, the price still shows strong signs of moving downward to its previous support level of $300. 
If this support level is unable to hold, then the price might continue downward to the next support level at $263.93. But, if the support does hold, we might see the price bounce back and move upward to create a new high for the year. However, the price is still above the 100-day moving average, which is usually a bullish sign for the price. 
<h2 id="technical-indicators-point-toward-sustained-downtrend-for-bnb">Technical Indicators Point Toward Sustained Downtrend For BNB</h2> 
To figure out where the BNB price might be headed next, several indicators can be used to examine the chart; 
4-Hour MACD: We can see that the histogram is below the zero line, thereby suggesting a downward trend. 
<img loading="lazy" decoding="async" class="alignnone wp-image-573058 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-1.png?w=460&amp;resize=706%2C410" alt="BNB " width="706" height="410" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-1.png?w=460&amp;resize=706%2C410 460w" sizes="(max-width: 706px) 100vw, 706px" data-recalc-dims="1"> 
&nbsp;&nbsp;&nbsp;SOURCE: Tradingview 
We can also see that the MACD line has crossed below the signal line, pointing toward a sustained bearish trend. 
1-Day MACD: From the daily chart, we can confirm that both the MACD line and signal line have crossed and are heading toward the zero line, while the histogram is already below the zero line, indicating further downward movement. 
<img loading="lazy" decoding="async" class="alignnone wp-image-573060 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-2.png?w=460&amp;resize=697%2C403" alt="Binance Coin price" width="697" height="403" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-2.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-2.png?w=460&amp;resize=697%2C403 460w" sizes="(max-width: 697px) 100vw, 697px" data-recalc-dims="1"> 
&nbsp;&nbsp;SOURCE: Tradingview 
4-Hour Alligator Using the alligator indicator to examine the chart on the 4-hour timeframe, we can see that the jaw, the teeth, and the lips are all facing downward and are separated from each other. This has historically been a bearish signal and suggests further downward momentum. 
<img loading="lazy" decoding="async" class="alignnone wp-image-573061 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-3.png?w=460&amp;resize=572%2C332" alt="Alligator" width="572" height="332" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-3.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/BNB-3.png?w=460&amp;resize=572%2C332 460w" sizes="(max-width: 572px) 100vw, 572px" data-recalc-dims="1"> 
&nbsp;&nbsp;&nbsp;SOURCE: Tradingview 
1-Day Alligator: Also, looking at the alligator indicator from the daily chart, it can be seen that the alligator lip [green line] and the teeth [red line] are showing signs of cross over the jaw [blue line], suggesting a downward movement 
&nbsp;SOURCE: Tradingview 
<img loading="lazy" decoding="async" class="alignnone wp-image-573062 aligncenter" src="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB.png?w=460&amp;resize=559%2C323" alt="BNB" width="559" height="323" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/BNB.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/02/BNB.png?w=460&amp;resize=559%2C323 460w" sizes="(max-width: 559px) 100vw, 559px" data-recalc-dims="1"> 
<h2 id="final-thoughts">Final Thoughts</h2> 
Although the MACD and the Alligator are popular indicators, it should be noted that they are not infallible, and traders frequently combine them with other technical analysis tools to help them make better trading decisions.&nbsp; 
Furthermore, false signals can happen, particularly in erratic or sideways markets, so it’s critical to take the larger market context into account. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/kjjjHBi1/" alt="Binance Coin BNB price chart from Tradingview.com" width="3266" height="1530">

Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High?

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