{"id":35406,"date":"2024-01-24T05:55:21","date_gmt":"2024-01-24T09:55:21","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=35406"},"modified":"2024-01-24T05:55:21","modified_gmt":"2024-01-24T09:55:21","slug":"bnb-price-could-see-major-drawdown-if-it-fails-to-stay-above-this-support","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/24\/bnb-price-could-see-major-drawdown-if-it-fails-to-stay-above-this-support\/","title":{"rendered":"BNB Price Could See Major Drawdown If It Fails To Stay Above This Support"},"content":{"rendered":"

BNB price started a fresh decline from $320 resistance zone. The price is now retesting the $290 support and is at risk of more downsides.<\/em><\/p>\n

BNB price is gaining bearish momentum from the $320 resistance.
\nThe price is now trading below $310 and the 100 simple moving average (4 hours).
\nThere was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB\/USD pair (data source from Binance).
\nThe pair might continue to move down if it fails to stay above the $290 support.<\/p>\n

BNB Price Takes Hit<\/h2>\n

In the past few days, BNB price made more than three attempts to clear the $320 resistance zone. However, the bears remained active and protected more gains.<\/p>\n

As a result, there was a bearish reaction below the $315 level, like Bitcoin<\/a> and Ethereum<\/a>. There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB\/USD pair. The pair even declined below the $300 level and tested the key support at $290.<\/p>\n

A low is formed near $290.3, and the price is now struggling to correct higher. BNB price is now trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.<\/p>\n

<\/a><\/p>\n

Source: BNBUSD on TradingView.com<\/a><\/p>\n

The next resistance sits near the $305 level. It is close to the 50% Fib retracement level of the recent decline from the $320 swing high to the $290 low. A clear move above the $305 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.<\/p>\n

More Downsides?<\/h2>\n

If BNB fails to clear the $305 resistance, it could continue to move down. Initial support on the downside is near the $290 level.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for BNB\/USD is gaining pace in the bearish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for BNB\/USD is currently below the 50 level.<\/p>\n

Major Support Levels \u2013 $290, $285, and $272.<\/p>\n

Major Resistance Levels \u2013 $298, $305, and $320.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

BNB price started a fresh decline from $320 resistance zone. The price is now retesting the $290 support and is at risk of more downsides.<\/em><\/p>\n

BNB price is gaining bearish momentum from the $320 resistance.
\nThe price is now trading below $310 and the 100 simple moving average (4 hours).
\nThere was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB\/USD pair (data source from Binance).
\nThe pair might continue to move down if it fails to stay above the $290 support.<\/p>\n

BNB Price Takes Hit<\/h2>\n

In the past few days, BNB price made more than three attempts to clear the $320 resistance zone. However, the bears remained active and protected more gains.<\/p>\n

As a result, there was a bearish reaction below the $315 level, like Bitcoin<\/a> and Ethereum<\/a>. There was a break below a key bullish trend line with support at $315 on the 4-hour chart of the BNB\/USD pair. The pair even declined below the $300 level and tested the key support at $290.<\/p>\n

A low is formed near $290.3, and the price is now struggling to correct higher. BNB price is now trading below $310 and the 100 simple moving average (4 hours). Immediate resistance is near the $298 level or the 23.6% Fib retracement level of the recent decline from the $320 swing high to the $290 low.<\/p>\n

<\/a><\/p>\n

Source: BNBUSD on TradingView.com<\/a><\/p>\n

The next resistance sits near the $305 level. It is close to the 50% Fib retracement level of the recent decline from the $320 swing high to the $290 low. A clear move above the $305 zone could send the price further higher. In the stated case, BNB price could test $320. A close above the $320 resistance might set the pace for a larger increase toward the $335 resistance. Any more gains might call for a test of the $350 level.<\/p>\n

More Downsides?<\/h2>\n

If BNB fails to clear the $305 resistance, it could continue to move down. Initial support on the downside is near the $290 level.<\/p>\n

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.<\/p>\n

Technical Indicators<\/p>\n

4-Hours MACD \u2013 The MACD for BNB\/USD is gaining pace in the bearish zone.<\/p>\n

4-Hours RSI (Relative Strength Index) \u2013 The RSI for BNB\/USD is currently below the 50 level.<\/p>\n

Major Support Levels \u2013 $290, $285, and $272.<\/p>\n

Major Resistance Levels \u2013 $298, $305, and $320.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-35406","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=35406"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35406\/revisions"}],"predecessor-version":[{"id":35414,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/35406\/revisions\/35414"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=35406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=35406"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=35406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}