The  “Binance” price began a new fall from the $320 barrier zone. The price has now retested the $290 support level and is expected to fall further.

  • The BNB price is getting bearish momentum from the $320 resistance.
  • The price is currently trading below $310 and the 100 simple moving average (4 hours).
  • The BNB/USD pair’s 4-hour chart showed a break below a key bullish trend line with support at $315.
  • If the pair fails to maintain its position above the $290 support, it may continue to fall.

“Binance” Price Drops

In recent days, the BNB price has attempted more than three attempts to break through the $320 barrier zone. However, the bears stayed active, protecting additional gains.

As a result, there was a bearish reaction below $315, similar to Bitcoin and Ethereum. The BNB/USD pair’s 4-hour chart showed a break below a key bullish trend line with support at $315. The pair even fell below $300 and tested the critical support of $290.

A bottom has established itself near $290.3, and the price is still fighting to correct higher. The BNB price is currently trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is seen near $298, or the 23.6% fibre retracement level of the recent slide from the $320 swing high to the $290 low.

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The next level of resistance is about $305. It is approaching the 50% Fibonacci retracement level of the latest drop from the $320 swing high to the $290 low. A decisive rise above $305 might propel the price further higher.

In the above scenario, the BNB price may reach $320. A close over the $320 resistance might pave the way for a stronger rally toward the $335 resistance. Any further increases might lead to a test of the $350 level.

Are there any  “Binance” disadvantages?

If BNB fails to clear the $305 resistance, it may continue to fall. Initial support on the downside is near the $290 level.

The next major support is near the $285 level. The main support sits at $272. If there is a downside break below the $272 support, the price could drop toward the $250 support. Any more losses could initiate a larger decline toward the $220 level.

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