BNB Price Turns Sell on Rallies, Key Reasons Why $280 Could Be Next Target

Key Takeaways:

• BNB’s price is trading below major support at $320.
• A key bearish trend line is forming with resistance near $320 on the 4-hour chart.
• The price could decline further if it stays below $320 and $325.

NEW DELHI (CoinChapter.com) — BNB started a fresh decline below $330, similar to Bitcoin and Ethereum. It is now at risk of more losses toward $300 and $280.

BNB Price Breaks Key Support

In the past few days, there were mostly bearish moves in BNB price below $330 against the US Dollar. The price struggled to recover above the $330 pivot level and extended its decline.

There was a move below the $325 and $320 support levels. A daily close was below the $320 support and the 50 simple moving average (4 hours, blue). The price traded close to the $310 level and is currently consolidating losses.

A low is formed near $312.3, and the price is now trading near the 23.6% Fib retracement level of the downward move from the $326.6 swing high to the $312.3 low.

The bulls are now facing strong resistance near the $320 level. A key bearish trend line is forming with resistance near $320 on the 4-hour chart. In addition, the trend line is close to the 50% Fib retracement level of the downward move from the $326.6 swing high to the $312.3 low.

An upside break above the trend line might send BNB toward the $323 resistance or the 50 simple moving average (4 hours, blue). The next major resistance could be near the $330 level.

A close above the $330 resistance could push the price into a positive zone. The next stop for the bulls could be $342. Any more gains might send the price toward the $350 level.

More Losses?

If not, BNB’s price might continue to drop from $320. Initial support is near the $312 level. The next major support is near the $310 zone, below which the price might test $300. Finally, any more losses could open the doors for a move toward the $292 support zone.

In the stated case, a move toward the $280 support is also risky.

Overall, BNB’s price shows bearish signs below the $320 resistance. If there is a clear move above the $320 resistance, the price might recover toward $330. Conversely, there is a risk of more losses toward the $300 support or even $280 soon.