BNB Price Drops After BUSD Crackdown, Upsides Turn Attractive to Bears
14 Februar 2023 - 7:50AM
NEWSBTC
BNB price (Binance coin) started a strong decline against the US
Dollar after BUSD’s crackdown. BNB traded below $300 and is now
showing bearish signs. Binance coin price started a fresh decline
below the $300 support against the US Dollar. The price is now
trading below $320 and the 100 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $305
on the 4-hours chart of the BNB/USD pair (data source from
Binance). The pair could correct higher, but upsides might be
limited above the $305 and $310 levels. Binance Coin Price Drops
Over 10% This week, BNB price saw a strong bearish reaction from
the $320 resistance zone. The New York Department of Financial
Services ordered Paxos Trust Co. to stop creating more of its BUSD
token. It sparked a bearish wave in BNB and the price declined
below the $300 support zone (also sparking bearish moves in bitcoin
and ethereum). The price even spiked below the $285 support zone. A
low is formed near $283 and the price is now consolidating losses.
It is trading below $320 and the 100 simple moving average
(4-hours). On the upside, an immediate resistance is near the $292
zone. It is near the 23.6% Fib retracement level of the downward
move from the $321 swing high to $283 low. The next major
resistance is near the $300 level. There is also a key bearish
trend line forming with resistance near $305 on the 4-hours chart
of the BNB/USD pair. The trend line is near the 50% Fib retracement
level of the downward move from the $321 swing high to $283 low.
Source: BNBUSD on TradingView.com A clear move above the trend line
might send the price towards the $320 resistance. Any more gains
might send the price towards the $335 level. More Losses in BNB? If
BNB fails to clear the $300 resistance, it could continue to move
down. An initial support on the downside is near the $285 level.
The first major support is near the $282 level. The next major
support is near the $275 level. If there is a downside break below
the $275 support, there could be an extended decline towards the
$250 support. Technical Indicators 4-Hours MACD – The MACD for
BNB/USD is losing 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 – $285, $282 and $265. Major Resistance
Levels – $300, $305 and $320.
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