BNB Price Prediction: Bears Target Fresh Lows Below $300

2023-05-24 04:35:27

BNB price (Binance coin) is struggling to clear the $315 resistance against the US Dollar. It is declining and remains at risk of a move below $300.

Binance coin price is moving lower from the $315 resistance against the US Dollar.
The price is now trading below $312 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could accelerate lower if it breaks the $305 support zone.

Binance Coin Price Dips Again

This past week, BNB price attempted an upside break above the $312 resistance. However, the bulls struggled to gain strength above $315, similar to Bitcoin and Ethereum.

A high is formed near $315.5 and the price is now moving lower. There was a move below the 50% Fib retracement level of the upward move from the $304 swing low to the $315 high. BNB price is now trading below $312 and the 100 simple moving average (4 hours).

There is also a key bearish trend line forming with resistance near $314 on the 4-hour chart of the BNB/USD pair. It seems like the price is now approaching the $305 support.

Source: BNBUSD on TradingView.com

On the upside, BNB is facing resistance near the $312 level and the 100 simple moving average (4 hours). The next major resistance is near the trend line or $315. A clear move above the $315 resistance might spark bullish moves. The next major resistance is near the $320 level, above which the price might rise toward the $332 resistance. Any more gains might send the price toward the $340 level.

More Losses in BNB?

If BNB fails to clear the $315 resistance, it could continue to move down. Initial support on the downside is near the $307 level.

The next major support is near the $305 level. If there is a downside break below the $305 support, there could be an extended decline toward the $300 support. Any more losses could send the price toward the $284 support.

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 – $305, $300, and $284.

Major Resistance Levels – $312, $315, and $320.

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