logo

Binance coin price analysis: BNB coin breaks $280.0 support, further retracement to follow?

Binance Coin price analysis 4 1

TL;DR Breakdown

  • Binance coin price analysis shows a swift bearish price action
  • The BNB/USD pair started a downside move below the $280.0 level
  • The BNB coin is trading toward the $270.0 support level.

Binance Coin price analysis reveals the exchange coin is following the overall market sentiment and trading lower. The BNB/USD pair faced a lot of selling pressure below $280.0, resulting in trading at $276.74 at the time of writing.

At the moment, the price is approaching the $270.0 support level and it seems like there could be more losses in the near term. On the upside, an initial resistance is around the $280.0 level, above which the price could recover towards the $290.0 resistance zone.

Looking ahead, traders should keep an eye on any potential break below the $270.0 support level and the 100 SMA (4-hour). A daily close below this level may perhaps trigger more declines in the near term toward the $235.0 support area in the near term.

On the flip side, if BNB/USD pair recovers above $280.0, it could face resistance at $290.0 and $295.00 before bulls attempt a break above the last swing high at $300.00.

BNB/USD 4-hour chart price analysis: Bears are likely to keep pressing the price lower in the near term

Binance Coin price analysis on a 4-hour chart indicates a falling wedge pattern and the price may decline below the $270.0 support level. In the short term, BNB/USD pair is likely to continue to face a lot of selling pressure toward the $235.0 support area. Conversely, gains above $280.0 might encourage bulls to break above the last swing high at $300.00 and target resistance at $310.0 in the near term.

image 231
Binance coin4-hour price chart by, Trading view

The technical indicators point to more losses in the short term. The RSI is below 50, supporting a bearish bias, while the MACD points to a steady decline. Meanwhile, there is no clear sign of major bullish catalysts as long as BNB/USD pair remains below the $300.0 resistance level.

Binance Coin price analysis on a daily chart: The price is approaching the $270.0 support level

Binance Coin analysis on a daily chart reveals that the exchange is trading along the 100-day SMA, which could act as a major support area in the near term. The RSI is below 50 and consolidating, suggesting that buyers are still in control of the BNB/USD pair.

The ATR indicator shows that BNB/USD pair is quite volatile and it could trade in a wide range between $270.0 to $300.00 as long as the fundamental drivers are supportive. In case of a break below $270.0, the price might find support at $250.0, which is close to the 61.8% Fibonacci retracement level.

image 234
Binance coin 24-hour price chart by, Trading view

On the upside, gains above $290.0 might encourage buyers to test resistance at $300.00, which is close to a major triangle formation (daily chart). If bulls manage to push BNB/USD pair above this key barrier, it could accelerate gains toward the last swing high at $310.0. However, the key hurdle in the near term could be $300.00, above which BNB/USD pair is likely to test $310.0 and $320.0 in the medium term.

Binance coin price analysis conclusion

Binance Coin price analysis concludes that BNB/USD pair is trading lower and it may decline toward the $270.0 support level in the near term. If there are more bearish moves, buyers might defend the 100-day SMA below $250.0 as long as bulls do not break higher above the $300.00 resistance level

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Joel Oluwatobi

Joel Oluwatobi

Joel is a Blockchain enthusiast who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity.He loves content and creating features on cryptocurrency.

Related News

Hot Stories

What is Blockchain and How Does it Work?
Binance and Mastercard to launch crypto card in Brazil
Australian regulator is raising concerns about FTX collapse
All You Need to Know about Crypto Wormholes
Complete Guide to Crypto Portfolio Management

Follow Us

Industry News

Binance and Mastercard to launch crypto card in Brazil
Hermes set to commence trademark infringement trial
UK regulator targets FTX-linked charity
Mining Bitcoin just got a lot harder—see why
Bitcoin sells at a 60% premium in Nigeria as the government shifts to a cashless policy

Add Your Heading Text Here