Binance Coin has reached a crucial support level that may impede the efforts of sellers to push its value lower. However, the meeting of the FOMC may cause a delay in the market's recovery, preventing buyers from re-entering the market.
#Binance coin is exhibiting consolidation above the crucial support level of $320. To initiate a significant upward trend, the cryptocurrency must surpass the resistance at $335.
In the previous week, BNB attempted to break above the $340 resistance level, but the buyers lacked momentum, and the price corrected lower, mimicking the price action of Bitcoin and Ethereum.
BNB/USD experienced a downtrend below the crucial support area of $330, leading to a test of the $320 level. Eventually, the price found a bottom near $320.40 and is currently consolidating. At present, BNB is trading above $324 and the 50-hour simple moving average. Additionally, a significant bearish trend line is taking shape, with resistance close to $334, as observed on the 4-hour BNB/USD chart.
BNB/USD is encountering resistance close to the $330 level, which aligns with the 50% Fibonacci retracement level of the recent drop from the swing high of $339.60 to the low of $320.40. The next significant resistance area is around the trend line or $335. A decisive breach above the $335 resistance level could trigger further bullish moves, leading to the $340 resistance level. Breaking above this level might propel the price towards the $350 resistance. A further upswing could carry the price to the $365 level.
Conversely, if #BNB fails to surpass the $335 resistance, it might experience downside pressure. The initial support is near the $320 level, followed by the significant support level of $315. If the price falls below the $315 support, it could potentially experience a prolonged decline towards the $300 support level.
KEY LEVELS :
RESISTANCE LEVEL : $330-$335
SUPPORT LEVEL : $320-$315
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
