Key Takeaways:
- BNB price started a strong decline from the $260 resistance.
- A major bearish trend line is forming with resistance near $232 on the daily chart.
- The price could start a recovery wave if there is a close above $230 and $232.
BNB Price Prediction | Photo by Kanchanara on Unsplash
New Delhi(CoinChapter.com): BNB took a major hit and traded close to $200. While CZ continues to remain quiet despite the criticism of selling Bitcoin, BNB is silently correcting losses.
BNB Price Aims Recovery
In the past few days, there was a steady decline in BNB price from well above $260 against the US Dollar. Bitcoin and Ethereum meltdown also sparked bearish moves in BNB below the $230 support zone.
Recently, many experts accused CZ of manipulating the market by selling Bitcoin to save BNB. Even Peter Brandt tweeted about the issue and called Binance a global scam.
I have stated for years that CZ and @binance is a global scam and $BNB just a cheap fiat. Watch it all unravel https://t.co/B1SRFFWgY0
— Peter Brandt (@PeterLBrandt) August 22, 2023
The price traded close to the $200 support before the bulls appeared. A low is formed near $203.6 and the price is now trading well below the 50-day simple moving average (blue).
BNB’s daily price chart | Source: BNBUSD on TradingView.com
The price is now correcting losses and attempting a recovery wave above the $210 level. It climbed above the 23.6% Fib retracement level of the downward move from the $262 swing high to the $203 low.
On the upside, the price is facing resistance near the $228 zone. The next major resistance could be near the $230 level. There is also a major bearish trend line forming with resistance near $232 on the daily chart of BNB. The trend line is near the 50% Fib retracement level of the downward move from the $262 swing high to the $203 low.
A clear move above the $230 and $232 resistance levels might start another decent increase. In the stated case, the price might test $245. Any more gains might send the price toward the $256 resistance level.
Fresh Decline?
If not, BNB price might start another decline. Initial support is near the $210 level. The next major support is near the $203 zone, below which the price might test $200. Any more losses could open the doors for a move toward the $185 support zone.
Overall, BNB price is attempting a recovery wave above the $215 level. However, the bulls need to clear the $230 and $232 hurdles to push the price in a positive zone. Conversely, the price might start a fresh decline and retest the $200 handle.
