The price of the Binance coin, or BNB, was unable to stabilize above $225 and lost ground against the US dollar. If the price falls below $210, it may experience a sharp collapse.
Here's a specific reason why the price of $BNB hasn't gone below $212.
— Wolf (@WolfTrades7) August 18, 2023
- Before the bears started to show versus the US dollar, the Binance coin price tested the $235 level.
- The price is currently trading below $220 and the 4-hour 100 SMA.
- On the 4-hour chart of the BNB/USD pair (data source from Binance), there was a breach below a significant positive trend line with support close to $220.
- If there is no closing above $225, the pair may continue to decline.
Binance Coin Price Fails Again
In the previous study, we mentioned the likelihood of a BNB price recovery toward the $235 resistance region. The price did go up into the $235 resistance zone, but it was unable to continue its upward trend.
Over 4h TF, #Binance Coin is trading on its critical support of $410 level. $BNB price is highly expected to show a pullback from this area, but if #BNB fails this support, we have $391 support next. #BNB needs to face $430 resistance to turn #bullish again.#BNBUSDT pic.twitter.com/cC6m4tGNLf
— Austin (@IAustinCrypto) February 11, 2022
The $235 region marked the beginning of a new slump. On the 4-hour chart of the BNB/USD pair, a crucial bullish trend line with support close to $220 was broken. Similar to Bitcoin and Ethereum, the pair is presently displaying bearish indicators below $220 and the 100 simple moving average (4 hours).
Price increases may be possible if there is a clear rise over the $217 region. The price may rise toward $235 if it breaks through the next significant resistance at around $225, which is the 61.8% Fib retracement level of the most recent slide from the $235 swing high to the $211 low. The pace for a greater advance toward the $250 resistance may be set by a close above the $235 resistance.
Another Decline in BNB?
BNB could begin another slide if it is unable to overcome the $217 resistance. Near $211 is where initial support on the downside is located.
Added some $TARA here.
Whether it face another wave of decline happen here does not change anything.
I believe we are around dip and some last opportunities are here.
Soon we ll talk about other stuffs. pic.twitter.com/Y6CYQ0mOe7
— – (@gosmerbeyy) September 3, 2023
The $210 mark serves as the next significant level of support. The price may fall toward the $202 support if there is a downward breach below the $210 level. Any additional losses might push the value closer to the $184 support.