Key Takeaways:
- BNB’s price started a strong decline from the $320 resistance.
- A major bearish trend line with resistance near $300 on the daily chart is forming.
- The price is down over 10% and could decline to $250.
YEREVAN (CoinChapter.com) — BNB is gaining bearish momentum below $300. The recent SEC versus Binance drama sparked bearish moves, and the price might now dive to $250.
BNB Price Aims Higher
In the past few days, there was a steady decline in BNB price from well above $320 against the US Dollar. The SEC’s new lawsuit against Binance sparked bearish moves in BNB, Bitcoin, and Ethereum.
There was a sharp move below the $317 high. The bears pushed the price below the $300 support zone and the 50-day simple moving average (blue). The price is down over 10% this week, and it retested the $272 support.
A low is formed near $272.3, and the price consolidates losses. It trades well below $300 and the 50-day simple moving average (blue).
On the upside, the price faces resistance near the $282 zone. The next major resistance could be near the $294 level. It is close to the 50% Fib retracement level of the downward move from the $317 swing high to the $272 low.
The main hurdle is near the $300 level. There is also a major bearish trend line forming with resistance near $300 on the daily chart. The trend line is close to the 61.8% Fib retracement level of the downward move from the $317 swing high to the $272 low.
A clear move above the $292 and $300 resistance levels might start another decent increase. In the stated case, the BNB price might test $320. Any more gains might send the price toward the $350 level.
More Pain?
If not, the price might continue to move down below $275. Initial support is near the $272 level. The next major support is near the $265 zone, below which the price might test $250. Any more losses could open the doors for a move toward the $240 support zone.
Overall, BNB’s price is showing a lot of bearish signs below the $300 pivot level. If there is a drop below the $272 support, the price could easily dive toward the $250 level. Conversely, the price might start a recovery wave toward the $300 resistance.
