BNB price started a downside correction from the 5 zone. The price must stay above 0 to start a fresh increase in the near term.
- BNB price started a fresh decline after it failed to clear the 5 resistance zone.
- The price is now trading below 0 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near 0 on the hourly chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh increase if it stays above the 0 support.
BNB Price Holds Support
After a decent increase, BNB price struggled near the 5 resistance. As a result, there was a bearish reaction below the 0 support, like Ethereum and Bitcoin.
The price dipped below the 5 support and the 100 simple moving average (4 hours). It traded as low as 1 and is currently consolidating losses. There is also a key bullish trend line forming with support near 0 on the hourly chart of the BNB/USD pair.
There was a minor upward move above the 5 level. The price cleared the 23.6% Fib retracement level of the downward move from the 6 swing high to the 1 low. It is now trading below 0 and the 100 simple moving average (4 hours).
Immediate resistance is near the 8 level or the 50% Fib retracement level of the downward move from the 6 swing high to the 1 low. The next resistance sits near the 2 level.
A clear move above the 2 zone could send the price higher. In the stated case, BNB price could test 8. A close above the 8 resistance might set the pace for a larger increase toward the 0 resistance. Any more gains might call for a test of the 2 level in the coming days.
More Losses?
If BNB fails to clear the 2 resistance, it could continue to move down. Initial support on the downside is near the 2 level and the trend line.
The next major support is near the 2 level. The main support sits at 0. If there is a downside break below the 0 support, the price could drop toward the 2 support. Any more losses could initiate a larger decline toward the 5 level.
Technical Indicators
Hourly MACD – The MACD for BNB/USD is losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – 2, 2, and 0.
Major Resistance Levels – 2, 8, and 0.