BNB price (Binance coin) found support near 0 against the US Dollar. BNB is rising, but the bears could take a strong stand near the 5 zone.
- Binance coin price started a recovery wave from the 0 support against the US Dollar.
- The price is now trading below 5 and the 100 simple moving average (4-hours).
- There is a crucial bearish trend line forming with resistance near 5 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could start a fresh decline unless there is a clear move above the 5 resistance.
Binance Coin Price Faces Resistance
This past week, BNB price saw a major decline below the 0 support zone. It gained bearish momentum against bitcoin, ethereum and other peers. The price tumbled below the 5 support against the US dollar and tested the 0 support.
A low was formed near 0.1 and the price recently started a recovery wave. The price climbed above the 0 and 5 resistance levels. There was a clear move above the 23.6% Fib retracement level of the key drop from the 1 swing high to 0 low.
However, bnb price is still trading below 5 and the 100 simple moving average (4-hours). On the upside, the bears are protecting the 0 and 5 resistance levels. The 50% Fib retracement level of the key drop from the 1 swing high to 0 low is also near the 6 level.
Source: BNBUSD on TradingView.com
The next major resistance is near the 5 level. There is also a crucial bearish trend line forming with resistance near 5 on the 4-hours chart of the BNB/USD pair, above which the price is likely to aim a test of the 5 level in the near term. Any more gains might send the price towards the 0 level.
Fresh Decline in BNB?
If BNB fails to clear the 5 resistance, it could start a fresh decline. An initial support on the downside is near the 0 and 8 levels.
The first major support is near the 0 level. The next major support is near the 0 level. If there is a downside break below the 0 support, there could be an extended decline towards the 0 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.
Major Support Levels – 8, 0 and 0.
Major Resistance Levels – 5, 5 and 5.