#BNBPrice #Cryptocurrency #CryptoTrading #BinanceCoin #BNBUSDpair #BearishTrend #TechnicalIndicators #ResistanceZone
The Binance Coin (BNB) price has recently encountered some resistance, resulting in a downturn from the $320 resistance zone. Currently, the price is undergoing a retest of the $290 support zone and there is a significant risk of further downturn. The BNB started building bearish momentum from the $320 resistance, and it is now trading under the $310 mark as well as the 100 simple moving average (four hours). There was also a break observed below a crucial bullish trend line with support placed at $315 on the four-hour chart of the BNB/USD pair which lays the risk of the pair moving down if it fails to maintain the $290 support.
In the past few days, multiple attempts were made to breach the $320 resistance zone but were prevented by bearish markets. Therefore, there was a bearish reaction below the $315 mark. Similar to Bitcoin and Ethereum, a downward break happened around a key bullish trend line with support at $315. The pair even decreased below the $300 mark and tested the $290 key support. BNB price is having trouble correcting upwards after forming a low near $290.3 and is currently trading under $310 and 100 simple moving average. The immediate resistance stands at the $298 level which is also the 23.6% Fib retracement level of the recent drop from the $320 high to the $290 low.
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