BNB (Binance Coin) price is consolidating above the $320 support against the US Dollar. This could trigger a major rise if there is a break above $335.
- Binance Coin price is trading in a range above the $320 resistance against the US Dollar.
- The price is now trading below $330 and the 100 simple moving average (4-hours).
- A key bearish trend line is forming with resistance near $333 on the 4-hours chart of the BNB/USD pair (data source Binance).
- The pair could start a new rise if it clears $333 and $335.
Binance Coin Price Holds Support
Last week, BNB price attempted an upside break above the $340 resistance. However, the bulls struggled to gain strength and the price corrected gains like Bitcoin and Ethereum.
There was a move below the $330 support zone and the price tested $320. A bottom forms near $320.8 and the price is now consolidating. It is now trading below $330 and the 100 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $333 on the 4-hours chart of the BNB/USD pair.
On the upside, BNB faces resistance near the $330 level and the 100 simple moving average (4-hours). It is near the 50% Fib retracement level of the recent decline from the $339 high to $320 low.
Source: BNBUSD on TradingView.com
The next major resistance is near the trendline or $335 or the 76.4% Fib retracement level of the recent swing decline from the $339 low to $320 low. A clear move above the $335 resistance could trigger bullish moves. The next major resistance is near the $340 level, above which the price may rise towards the $350 resistance. Any further gains could send the price towards the $365 level.
Another BNB drop?
If BNB fails to clear the $335 resistance, it could continue to decline. Initial support on the downside is near the $320 level.
The next major support is near the $315 level. If there is a downside break below the $315 support, there could be a prolonged decline towards the $300 support.
Technical indicators
4 hour MACD – The MACD for BNB/USD is losing ground in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Main support levels – $320, $315 and $300.
Main resistance levels – $330, $335 and $345.
