BNB Price Prediction – Bears Aim Nasty Drop Below $200, Here’s Why

2023-10-06 05:14:39

BNB price (Binance coin) is still struggling to clear the $220 resistance against the US Dollar. The price could decline heavily below the $210 and $202 support levels.

Binance coin price is slowly moving lower from the $220 resistance against the US Dollar.
The price is now trading below $215 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair might accelerate lower if it breaks the $210 support level.

Binance Coin Price Remains At Risk

This past week, BNB price attempted a recovery wave above the $210 level. The price was able to clear the $215 resistance zone. However, it failed to clear the $220 resistance.

There was a fresh decline in BNB, like Bitcoin and Ethereum. The price declined below the $215 support level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to the $221 high.

Besides, there was a break below a key bullish trend line with support near $214.5 on the 4-hour chart of the BNB/USD pair. The price is now trading below $215 and the 100 simple moving average (4 hours).

It is consolidating near the 76.4% Fib retracement level of the upward move from the $207 swing low to the $221 high. If there is a recovery wave, the price could face resistance near the $213 level and the 100 simple moving average (4 hours).

Source: BNBUSD on TradingView.com

The next resistance sits near the $215 level. A clear move above the $215 zone could send the price further higher. In the stated case, BNB price could test the main resistance at $220-$222. A close above the $222 resistance might set the pace for a larger increase toward the $250 resistance.

More Losses in BNB?

If BNB fails to clear the $215 resistance, it could start another decline. Initial support on the downside is near the $210 level. The next major support is near the $207 level.

If there is a downside break below the $207 support, the price could drop toward the $202 support. Any more losses could initiate a larger decline toward the $165 level.

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 50 level.

Major Support Levels – $210, $207, and $202.

Major Resistance Levels – $215, $220, and $222.

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