Binance Coin (BNB) is currently struggling to cross the $315 resistance level against the US Dollar. The price is down and could fall below the $300 level.
Over the last week, the BNB price attempted to break above the $312 resistance mark, but the bulls failed to gain strength above $315, just like the Bitcoin and Ethereum prices. As a result, a high was formed near $315.5, but the price has since been moving lower.
There was a move below the 50% Fibonacci retracement level of the upward move from the $304 swing low to the $315 high. BNB price is now trading below $312 and the 100 simple moving average (4 hours). Furthermore, a key bearish trend line is forming with resistance near $314 on the 4-hour chart of the BNB/USD pair. It seems like the price is now approaching the $305 support zone.
On the upside, BNB is facing resistance near the $312 level and the 100 simple moving average (4 hours). The next significant resistance is near the trend line or $315. A clear move above the $315 resistance level could spark bullish moves. The next major resistance is near the $320 level, above which the price might rise toward the $332 resistance level. Any further gains could send the price towards the $340 level.
If BNB fails to clear the $315 resistance, there could be further downside movements. Initial support on the downside is near the $307 level, followed by the $305 level. If there is a break below the $305 support zone, there could be an extended decline towards the $300 support. Any further losses could send the price towards the $284 support mark.
The MACD for BNB/USD is gaining pace in the bearish zone, and the RSI for BNB/USD is currently below 50 levels. The major support levels for BNB are at $305, $300, and $284, while major resistance levels are at $312, $315, and $320.
Overall, BNB price is currently facing strong resistance levels above $315 and could continue to fall if it fails to clear this level. While the price is now moving lower, traders and investors remain optimistic about the long-term prospects of Binance Coin.