BNB price (Binance coin) is struggling to clear the 0 resistance against the US Dollar. It could continue to move down if there is a drop below 5.
- Binance coin price is struggling to gain momentum above the 0 resistance against the US Dollar.
- The price is now trading below 0 and the 100 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near 8 on the 4-hours chart of the BNB/USD pair (data source from Binance).
- The pair could resume its decline if there is no clear move above 0.
Binance Coin Price Faces Hurdles
This past week, BNB price saw a strong bearish reaction from the 5 resistance zone. The price declined below the 0 and 0 levels. It even spiked below the 0 level and tested 5.
A low is formed near 5 and the price is now recovering losses, similar to bitcoin and ethereum. It is trading below 0 and the 100 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near 8 on the 4-hours chart of the BNB/USD pair.
On the upside, an immediate resistance is near the 8 zone and the trend line. It is near the 50% Fib retracement level of the downward move from the 0 swing high to 5 low.
Source: BNBUSD on TradingView.com
The next major resistance is near the 0 level. It is near the 61.8% Fib retracement level of the downward move from the 0 swing high to 5 low. A clear move above the trend line and then 0 might send the price towards the 0 resistance. Any more gains might send the price towards the 5 level.
More Losses in BNB?
If BNB fails to clear the 0 resistance, it could continue to move down. An initial support on the downside is near the 0 level.
The first major support is near the 5 level. The next major support is near the 2 level. If there is a downside break below the 2 support, there could be an extended decline towards the 5 support.
Technical Indicators
4-Hours MACD – The MACD for BNB/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Major Support Levels – 0, 5 and 2.
Major Resistance Levels – 8, 0 and 5.