In recent trading sessions, the Binance coin price has been moving lower below the $310 support level against the US Dollar. The bears could gain strength if there is a close below $300. As of now, the price is trading below $310 and the 100 simple moving average (4 hours). There was a break below a key bullish trend line with support near $310 on the 4-hour chart of the BNB/USD pair, indicating that the bears are taking control and could gain further momentum if the price continues to decline.
This past week, the BNB price attempted an upside break above the $318 resistance level. However, the bulls struggled to gain strength above $318, similar to Bitcoin and Ethereum. A high was formed near $317.1, and the price started a fresh decline. There was a clear move below the $312 and $310 levels, and the price is now consolidating losses.
On the upside, BNB is facing resistance near the $306.5 level. It is close to the 23.6% Fib retracement level of the downward move from the $317.1 swing high to the $303.2 low. The first major resistance is near $310 and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $317.1 swing high to the $303.2 low. The next major resistance is near $315. A clear move above the $315 resistance might start a steady increase. The next major resistance is near the $318 level, above which the price might rise toward the $325 resistance.
If BNB fails to clear the $310 resistance, it could continue to move down. The initial support on the downside is near the $303 level, followed by the next major support near the $300 level. If there is a downside break below the $300 support, there could be an extended decline toward the $292 support. Any more losses could send the price toward the $284 support.
The 4-hour MACD for BNB/USD is gaining pace in the bearish zone, indicating that the bears are in control. The 4-hour RSI for BNB/USD is currently below the 50 levels, which implies that the bears have the upper hand.
In summary, BNB/USD price is trading lower and struggling to stay above the critical support level of $310. The bears are in control, and any further decline could result in additional losses. On the other hand, a clear break above the $318 resistance level might begin a sustainable uptrend. Investors should exercise caution and closely monitor the price dynamics before entering any position.
