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.
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.
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 $300 resistance.
The blockchain industry is buzzing with several projects hosting presale events to introduce their platform…
The impressive performance of Layer2 solutions like Optimism (OP) and Option2Trade (O2T) this week is…
As the altcoin market has begun to surge in terms of value, many are looking…
Prepare to witness an epic clash of memes as the battle for supremacy unfolds in…
Summary: What’s This For ($WTF) is a revolutionary Token on the BASE Smart Chain (an…
Enter the electrifying world of cryptocurrency, where innovation meets humor, and witness the rise of…