BNB Price Topside Bias Vulnerable If It Continues To Struggle Below $225

2023-09-05 05:03:11

BNB price (Binance coin) failed to settle above $225 and trimmed gains against the US Dollar. The price could decline heavily if it trades below $210.

Binance coin price tested the $235 resistance before the bears appeared against the US Dollar.
The price is now trading below $220 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might gain continue to move down unless there is a close above $225.

Binance Coin Price Fails Again

In the last analysis, we discussed the chances of BNB price recovering toward the $235 resistance zone. The price did climb higher toward the $235 resistance but failed to extend gains.

It started a fresh decline from the $235 zone. There was a break below a key bullish trend line with support near $220 on the 4-hour chart of the BNB/USD pair. The pair is now showing bearish signs below $220 and the 100 simple moving average (4 hours), like Bitcoin and Ethereum.

A low is formed near $211.1 and the price is now consolidating losses. On the upside, it is facing resistance near the $216.5 level and the 100 simple moving average (4 hours). It is close to the 23.6% Fib retracement level of the recent decline from the $235 swing high to the $211 low.

Source: BNBUSD on TradingView.com

A clear move above the $217 zone could send the price further higher. The next major resistance is near $225 or the 61.8% Fib retracement level of the recent decline from the $235 swing high to the $211 low, above which the price might rise toward $235. A close above the $235 resistance might set the pace for a larger increase toward the $250 resistance.

Another Decline in BNB?

If BNB fails to clear the $217 resistance, it could start another decline. Initial support on the downside is near the $211 level.

The next major support is near the $210 level. If there is a downside break below the $210 support, the price could drop toward the $202 support. Any more losses could send the price toward the $184 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $211, $210, and $202.

Major Resistance Levels – $217, $225, and $235.

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