BNB Price At Risk of Downside Thrust Before Key Reversal

Key Takeaways:

• BNB price is showing bearish signs below $250.
• A major bearish trend line is forming with resistance near $241 on the 4-hour chart.
• The price could decline toward $230 before the bulls take a stand.

NEW DELHI (CoinChapter.com) — BNB started a fresh decline below the $250 support, similar to Bitcoin and Ethereum. It is now at risk of more losses toward $230 and $220.

BNB Price Approaches Key Support

In the past few days, there were mostly bearish moves in BNB price below $255 against the US Dollar. The price declined below the $250 support to move further into a bearish zone.

It settled below the $240 level and the 50 simple moving average (4 hours, blue). A low is formed near $235.6 and the price is now consolidating losses. It seems like the bulls are defending the $235 support zone.

BNB price 4-hour chart | Source: BNBUSD on TradingView.com

If there is a recovery wave, the price might face resistance near $240. There is also a major bearish trend line forming with resistance near $241 on the 4-hour chart.

The first major resistance is near the $242 level and the 50 simple moving average (4 hours, blue). It is close to the 23.6% Fib retracement level of the downward move from the $261.8 swing high to the $235.6 low.

A close above the $240 and $242 levels might send BNB price further higher toward the $248 level. The next major resistance is near $250 or the 61.8% Fib retracement level of the downward move from the $261.8 swing high to the $235.6 low. Any more gains might send the price toward $262.

Conversely, BNB price might spike downward below the $235 support. The next major support is near the $230 zone, below which the price could gain bearish momentum. In the stated case, the price could test the $220 zone. Any more losses could open the doors for a move toward the $200 support zone.

Recently, Binance announced its 6-year anniversary challenge winners who decorated different items and food to celebrate #BinanceTurns6.

Overall, BNB price is showing bearish signs below the $250 resistance. It seems like there could be a sharp decline toward $230 or even $220 before the bulls take a stand. Conversely, the price might surpass the $242 resistance and start a decent increase in the near term.