After the FTX fall against the US Dollar, the BNB (Binance Coin) price fell significantly. BNB needs to remain at or above the $300 level in order for a new rise.
- From the $360 resistance against the US Dollar, the Binance coin price experienced a significant decline.
- Now, the price trades above $300. The simple moving average of 100 is also trading (4-hours).
- The 4-hours chart of BNB/USD showed a breakout below a significant bullish trend line, with support close to $338 (data source is Binance).
- A new rise could be possible if the pair stays above the $300 support level.
The Binance Coin price has been revised.
BNB prices began to rise after forming a solid base at $280. Price climbed to the $335 and $300 resistances.
After breaking the $350 barrier (4-hours) and the 100 simple movement average (4 hours), the price picked up. It finally climbed above $360 and reached a monthly record of $361. Recently, FTX’s drama and collapse dragged the market lower, including ethereum, bitcoin and ripple.
The price fell below the support levels of $345/$335. Price even spiked to below 50% Fib Retracement of the upward swing from $264 swing low, $361 high.
A break was also seen below the major bullish trendline with support at $338 on the 4-hours chart for the USD/BNB pair. The price has now stabilized above $300, and is near the 100 simple movement average (4-hours). The initial support level is close to the $312 mark.
Source: BNBUSD from TradingView.com
It is close to the $300 mark. This is close to the 61.8% Fib level of the upward movement from $264 low to $361 high. Next major support will be at the $286 level. The $286 level is the next major support. A negative break could cause a longer decline to the $260 level.
BNB: New Increase
BNB could see a new increase if it fails to stabilize above $300 or $312. Positively, it is possible to overcome the immediate challenges of the $330 or $338 levels.
Near the $345 level is the next significant resistance. Above which, the price will likely aim for the $365 area in the near future. A further increase in the gains could push the price to the $380 area.
Technical indicators
4-Hours MACD – The MACD for BNB/USD is losing 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 – $312, $300 and $286.
Major Resistance Levels – $330, $338 and $365.
