Binance Coin (BNB) has seen a considerable drop in price after it was denied by the $350 resistance. While BNB started a decent increase similar to Bitcoin and Ethereum, the bears reared their heads near the $350 level leading to a strong setback. As a result, there was a large drop which breached through the $340 and $335 support levels in addition to a major bullish trend line with support near $332. Currently, BNB is trading near the $320 mark and consolidating the losses with resistance seen at $328.
If BNB manages to break the $328 resistance, it could possibly rise to the $335 level. Thereafter, the price could move up to the $350 mark which would complete the bullish momentum. On the other hand, if BNB fails to clear the resistance, it could continue its downward trajectory seeking support at $320 and $317. The next major support could be at $305, should the price move lower than expected.
The MACD for BNB/USD is slipping further into the bearish zone while the RSI is below the 50 level. Major support levels are found at $320, $317 and $305 while the major resistance levels can be seen at $328, $335 and $340. It remains to be seen if BNB will be able to steady itself and reverse the current downtrend or if the losses will continue.
- Jaxon Chavez
- 2023-04-20
Binance Coin (BNB) Price Analysis - Bears Cause Setback
Binance Coin (BNB) has encountered a decrease in price after its attempt to break the $350 resistance was unsuccessful. Currently, BNB is trading near the $320 level, consolidating the losses. The technical analysis suggests that BNB might rise to the $335 level if it manages to break the $328 resistance.