Against the US Dollar, the BNB price (Binance coin) encountered significant resistance close to $345. Now that it is challenging important support at $325, a decline to $315 is possible. From the $345 resistance level against the US Dollar, the price of the Binance currency is gradually falling. The price is currently trading below $330 and the 4-hour 100 SMA. On the 4-hour chart of the BNB/USD pair (data source from Binance), a significant bullish trend line is forming, with support located near $325. If the pair continues to trade above $325, a new advance might begin.

Price of Binance Coin Retains Support

Similar to Bitcoin and Ethereum, the price of BNB rose noticeably above $325 throughout the course of the previous week. The $335 and $340 levels were successfully breached by the bulls.

However, there was significant resistance for the price close to $345. Near $345, a peak was made, and the price thereafter began a steady slide. The $340 and $335 support levels were breached. The downward movement from the $315 swing low to the $345 high was retraced 50% by the price, which was breached by the bears.

Currently, it is trading below $330 and the 4-hour 100 simple moving average. On the 4-hour chart of the BNB/USD pair, a significant bullish trend line with support near $325 is also developing.

BNB is seeing resistance on the upward close to the $330 mark and the 100 simple moving average (4 hours). Near the $335 mark, there is the next significant resistance. Bullish movements may start if there is a clear break above the $335 resistance. The price may increase towards the $350 resistance if it rises above the next significant obstacle, which is close to the $345 mark. The price may move towards the $365 mark if there are any further advances.

More Losses in BNB?

If BNB fails to clear the $330 resistance, it could continue to move down. Initial support on the downside is near the $325 level or the trend line.

The next major support is near the $322 level. If there is a downside break below the $322 support, there could be an extended decline toward the $315 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining 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 – $325, $322, and $315.

Major Resistance Levels – $330, $335, and $345.