BNB Price Grinds Lower, Here’s Next Bearish Target Traders Should Watch

2023-3-10 08:54

BNB price (Binance coin) is moving lower below $290 against the US Dollar. It could continue to move down if there is a drop below $270.

Binance coin price is showing bearish signs below the $300 level against the US Dollar. The price is now trading below $285 and the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $288 on the 4-hours chart of the BNB/USD pair (data source from Binance). The pair could resume its decline if there is no clear move above $288. Binance Coin Price Declines Over 5%

In the past few days, BNB price saw a steady decline from the $325 resistance zone. The price dropped below the $310 and $300 levels. The decline gained pace below the $285 support.

Today, it is down over 5% but less compared to bitcoin and ethereum. There was a spike below the $275 level and a low is formed near $271. The price is now consolidating losses below the $285 zone and the 100 simple moving average (4-hours).

On the upside, an immediate resistance is near the $276 level. It is near the 23.6% Fib retracement level of the recent decline from the $293 swing high to $271 low.

The next major resistance is near the $282 level. It is near the 50% Fib retracement level of the recent decline from the $293 swing high to $271 low. The main resistance is forming near the $285 zone. There is also a key bearish trend line forming with resistance near $288 on the 4-hours chart of the BNB/USD pair.

Source: BNBUSD on TradingView.com

A clear move above the trend line and then $290 might send the price towards the $300 resistance. Any more gains might send the price towards the $320 level.

More Losses in BNB?

If BNB fails to clear the $285 resistance, it could continue to move down. An initial support on the downside is near the $272 level.

The first major support is near the $265 level. The next major support is near the $262 level. If there is a downside break below the $262 support, there could be an extended decline towards the $250 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 40 level.

Major Support Levels – $272, $262 and $250.

Major Resistance Levels – $285, $288 and $290.

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Источник: newsbtc.com

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