- BNB’s Struggle: Binance Coin is grappling with resistance at $220, prompting concerns of a downward move.
- Support Levels: Key support levels to watch include $210, $207, and $202.
- Technical Indicators: MACD signals bearish momentum, while RSI remains below the 50 level.
The BNB price (Binance Coin) is facing significant resistance around the $220 mark against the US Dollar, raising concerns of a possible steep decline to levels below $210 and even $202.
Key points of concern for Binance Coin’s price include:
- Resistance at $220: BNB has been struggling to surpass the $220 resistance level versus the US Dollar.
- Bearish Momentum: The price has slowly descended below $215, breaching the crucial 100 simple moving average (4 hours).
- Bearish Trend Line Break: A significant development was the break below a pivotal bullish trend line, previously providing support around $214.5, as indicated on the 4-hour BNB/USD chart sourced from Binance.
- Potential Acceleration: If the price manages to break the $210 support, it could trigger a more rapid downward movement.
In summary, Binance Coin is currently vulnerable to further declines, with key support levels at $210, $207, and $202. A failure to surpass the $215 resistance may lead to a continued bearish trend. Conversely, a successful breakthrough of the $215 zone could pave the way for a test of the crucial $220-$222 resistance range, with a subsequent move above $222 potentially signaling a larger uptrend targeting $250.
Technical indicators also suggest bearish momentum, with the 4-hour MACD in the bearish zone and the 4-hour RSI below the 50 level.
Key Levels to Watch:
- Support Levels: $210, $207, $202
- Resistance Levels: $215, $220, $222
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.