Bitcoin

Resistance

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. 
<ul> 
 <li>BNB price is gaining bearish momentum from the $320 resistance.</li> 
 <li>The price is now trading below $310 and the 100 simple moving average (4 hours).</li> 
 <li>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).</li> 
 <li>The pair might continue to move down if it fails to stay above the $290 support.</li> 
</ul> 
<h2 id="bnb-price-takes-hit">BNB Price Takes Hit</h2> 
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 <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-faces-crucial-test-38500/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-plunge-to-2k-imminent-as-key-support-line-crumbles/" target="_blank" rel="noopener ">Ethereum</a>. 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. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-571088" src="https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461" alt="BNB Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/Binance-Coin-BNB-2.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BNBUSD/" target="_blank" rel="noopener nofollow">BNBUSD on TradingView.com</a> 
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. 
<h2 id="more-downsides">More Downsides?</h2> 
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.

BNB Price Could See Major Drawdown If It Fails To Stay Above This Support

Table of Contents

NewsBTC

Alte articole publicate pe 24 ian. 2024

MEMEAI: Why the MEMEAI Token Price Rising Today?

$100 Million in XRP Transferred to Mystery Address as XRP Price Up

Edward Snowden Supports Legal Fund for Tornado Cash Founders

Hut 8 Corp. challenges short-seller report, claims financial solidity

Here’s When Bitcoin (BTC) Price Might End the Bearish End

Netflix Stock Nears 52-Week High After Wave of Upgrades on Q4 Results

Join our free newsletter for daily crypto updates!