2023-10-6 07:58 |
BNB price (Binance coin) is still struggling to clear the $220 resistance against the US Dollar. The price could decline heavily below the $210 and $202 support levels.
Binance coin price is slowly moving lower from the $220 resistance against the US Dollar. The price is now trading below $215 and the 100 simple moving average (4 hours). There was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair (data source from Binance). The pair might accelerate lower if it breaks the $210 support level. Binance Coin Price Remains At RiskThis past week, BNB price attempted a recovery wave above the $210 level. The price was able to clear the $215 resistance zone. However, it failed to clear the $220 resistance.
There was a fresh decline in BNB, like Bitcoin and Ethereum. The price declined below the $215 support level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to the $221 high.
Besides, there was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair. The price is now trading below $215 and the 100 simple moving average (4 hours).
It is consolidating near the 76.4% Fib retracement level of the upward move from the $207 swing low to the $221 high. If there is a recovery wave, the price could face resistance near the $213 level and the 100 simple moving average (4 hours).
Source: BNBUSD on TradingView.com
The next resistance sits near the $215 level. A clear move above the $215 zone could send the price further higher. In the stated case, BNB price could test the main resistance at $220-$222. A close above the $222 resistance might set the pace for a larger increase toward the $250 resistance.
More Losses in BNB?If BNB fails to clear the $215 resistance, it could start another decline. Initial support on the downside is near the $210 level. The next major support is near the $207 level.
If there is a downside break below the $207 support, the price could drop toward the $202 support. Any more losses could initiate a larger decline toward the $165 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 – $210, $207, and $202.
Major Resistance Levels – $215, $220, and $222.
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