Key Takeaways:
- BNB price started an upside correction but failed near $250.
- A major bearish trend line is forming with resistance near $248 on the 4-hour chart.
- The price could decline further if it stays below $245 and $250.
NEW DELHI (CoinChapter.com) — BNB is struggling to recover above $250, similar to Bitcoin and Ethereum. It is now at risk of more losses toward $220 and $200.
BNB Price Turns Red
In the past few days, there were mostly bearish moves in BNB price below $300 against the US Dollar. The price tumbled below the $280 and $250 support levels.
It settled below the $250 level and the 50 simple moving average (4 hours, blue). Recently, there was an upside correction from the $220.6 low. There was a move above the $235 and $240 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $267.5 swing high to the $220.6 low.
However, the bears were active near the $250 zone and the 50 simple moving average (4 hours, blue). The bulls failed to clear the 61.8% Fib retracement level of the downward move from the $267.5 swing high to the $220.6 low.
A major bearish trend line is forming with resistance near $248 on the 4-hour chart. BNB is now moving lower from the $250 rejection zone.
It is approaching the $230 support zone. The next major support is near the $224 zone, below which the price might test $220. Any more losses could open the doors for a move toward the $200 support zone. In the stated case, there is also a risk of a move toward the $188 support.
Conversely, BNB bulls might attempt another recovery wave from $230. Immediate resistance is near the $245 level. The main resistance forms near $250 and the 50 simple moving average (4 hours, blue).
An upside break above the trend line and $250 might send BNB toward the $265 resistance. The next major resistance could be near the $274 level.
A close above the $274 resistance could push the price into a positive zone. The next stop for the bulls could be $288. Any more gains might send the price toward the $300 level.
Overall, BNB’s price shows bearish signs below the $250 resistance. If there is a clear move above the $250 resistance, the price might recover toward $274. Conversely, there is a risk of more losses toward the $200 support or even $188 soon.
