The #Binance coin (BNB) price is now facing challenges in surpassing the resistance level of $220 when paired with the US Dollar. There is a possibility of a significant decrease in price below the support levels of $210 and $202.
The Binance coin price is exhibiting a gradual descent from the resistance level of $220 in relation to the US Dollar.
Currently, the price is seen to be trading below the value of $215 as well as the 100 simple moving average during a 4-hour time frame.
On the 4-hour chart of the BNB /USD pair, a significant breach occurred below a prominent bullish trend line, which had a support level in the vicinity of $214.5. This information is sourced from Binance.
During the previous week, the price of BNB made an effort to initiate a rebound movement surpassing the $210 threshold. The price successfully surpassed the resistance zone at $215. Nevertheless, it was unable to surpass the resistance level of $220.
A recent decrease in the value of BNB, similar to that observed in Bitcoin and Ethereum, was observed. The price had a decrease and fell below the support level of $215. The price was driven below the 50% Fibonacci retracement level, which corresponds to the upward movement from the swing low of $207 to the high of $221, by the selling pressure exerted by market participants.
Additionally, it is worth noting that the 4-hour chart of the BNB/USD pair had a significant breach below a critical bullish trend line, which had a support level in the vicinity of $214.5. Currently, the price is exhibiting a trading pattern below the value of $215 and the 100 simple moving average during a 4-hour period.
The price is currently converging in close proximity to the 76.4% Fibonacci retracement line, which corresponds to the upward trajectory between the $207 bottom and the $221 peak. In the event of a potential rebound surge, it is plausible that the price may encounter resistance in the vicinity of the $213 threshold and the 100 simple moving average during a four-hour timeframe.
The subsequent degree of resistance is located in the vicinity of $215. A potential upward movement above the $215 threshold has the potential to propel the price to even greater heights. In the aforementioned scenario, it is plausible that the price of BNB may undergo testing of the primary resistance level within the range of $220 to $222. The possibility of surpassing the barrier level of $222 might potentially initiate a more substantial upward movement towards the resistance level of $250.
Are there other losses in $BNB ?
In the event that BNB is unable to surpass the resistance level of $215, there is a possibility that it may initiate a further downward movement. The $210 level is expected to provide first support on the downside. The subsequent significant level of support may be observed in the vicinity of $207.
In the event of a breach below the support level of $207, there exists the possibility of a further decline below the support level of $202. Further losses have the potential to trigger a more significant fall, perhaps leading to a decrease in value towards the $165 threshold.
The utilisation of technical indicators in financial analysis is a common practise among investors and traders. These indicators are mathematical calculations based on historical price
The Moving Average Convergence Divergence (MACD) indicator, calculated over a 4-hour time frame, indicates that the BNB/USD trading pair is exhibiting a strengthening downward trend.
The current Relative Strength Index (RSI) for the BNB/USD pair is now below the 50 mark, indicating a potential bearish trend.
The major support levels for the given asset are identified as $210, $207, and $202.
The major resistance levels for the given asset are identified as $215, $220, and $222.