- BNB price attempted to break above the $318 resistance level but struggled, similar to Bitcoin and Ethereum.
- The price declined and broke below key support levels, including the $312 and $310 levels, as well as a bullish trend line.
- BNB is currently trading below $310 and the 100 simple moving average (4 hours), with potential resistance at $306.5 and $310. The risk of a sharp drop below $300 exists if BNB fails to clear the resistance levels.
Binance Coin (BNB) experienced another attempt to surpass the $318 resistance level this week. However, similar to Bitcoin and Ethereum, the bulls struggled to gather enough strength above this level.
The price reached a high point near $317.1 before starting a fresh decline. BNB witnessed a clear move below the $312 and $310 support levels. Furthermore, a key bullish trend line with support near $310 on the 4-hour chart of the BNB/USD pair was broken. As a result, BNB is currently trading below $310 and the 100 simple moving average (4 hours). The price established a low near $303.2 and is currently consolidating losses.
On the upside, BNB faces resistance near the $306.5 level, which is close to the 23.6% Fibonacci retracement level of the downward move from the swing high at $317.1 to the low at $303.2. The first major resistance is near $310, aligned with the 100 simple moving average (4 hours), and the 50% Fibonacci retracement level. If BNB manages to clear the $310 resistance, it might initiate a steady increase. The next significant resistance level is near $315, followed by $318. A decisive move above $318 could propel the price towards the $325 resistance level.
However, if BNB fails to surpass the $310 resistance, there is a possibility of further downward movement. The initial support on the downside is near the $303 level. A break below this support level could pave the way for a potential drop towards the $300 level. Subsequently, if there is a downside break below $300, BNB might experience an extended decline towards the $292 support level. Further losses could potentially push the price towards the $284 support level.
It is important for traders and investors in South Africa to closely monitor the price movements of BNB, as it can provide insights into the broader cryptocurrency market.
Title: BNB Price Analysis and Key Levels
|Indicator||Binance Coin (BNB)|
|Current Price||Below $310|
|Resistance Levels||$306.5, $310, $315, $318|
|Support Levels||$303, $300, $292, $284|