Why This Support Is The Key For Fresh Increase

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.

Binance Coin Price

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.

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