BNB Price Prints Bearish Technical Pattern, Why It Could Revisit $280
27 Februar 2023 - 7:28AM
NEWSBTC
BNB price (Binance coin) is struggling to clear the $310 resistance
against the US Dollar. It could continue to move down if there is a
drop below $295. Binance coin price is struggling to gain momentum
above the $310 resistance against the US Dollar. The price is now
trading below $310 and the 100 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $308
on the 4-hours chart of the BNB/USD pair (data source from
Binance). The pair could resume its decline if there is no clear
move above $310. Binance Coin Price Faces Hurdles This past week,
BNB price saw a strong bearish reaction from the $325 resistance
zone. The price declined below the $320 and $310 levels. It even
spiked below the $300 level and tested $295. A low is formed near
$295 and the price is now recovering losses, similar to bitcoin and
ethereum. It is trading below $310 and the 100 simple moving
average (4-hours). There is also a key bearish trend line forming
with resistance near $308 on the 4-hours chart of the BNB/USD pair.
On the upside, an immediate resistance is near the $308 zone and
the trend line. It is near the 50% Fib retracement level of the
downward move from the $320 swing high to $295 low. Source: BNBUSD
on TradingView.com The next major resistance is near the $310
level. It is near the 61.8% Fib retracement level of the downward
move from the $320 swing high to $295 low. A clear move above the
trend line and then $310 might send the price towards the $320
resistance. Any more gains might send the price towards the $325
level. More Losses in BNB? If BNB fails to clear the $310
resistance, it could continue to move down. An initial support on
the downside is near the $300 level. The first major support is
near the $295 level. The next major support is near the $282 level.
If there is a downside break below the $282 support, there could be
an extended decline towards the $265 support. Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish
zone. 4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD
is currently below the 50 level. Major Support Levels – $300, $295
and $282. Major Resistance Levels – $308, $310 and $325.
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