Exploring Binance Coin Price: Limited Dips Expected Despite Facing Resistance
Binance coin price (BNB) recently faced significant resistance near $345 against the US Dollar. Currently, it is testing key support at $325, and a dip to $315 might follow if it drops below this level. Let’s explore the recent price movement of Binance coin and analyze the potential scenarios.
Binance Coin Price Movement
Binance coin price is slowly moving lower from the $345 resistance against the US Dollar. Currently, the price is trading below $330 and the 100 simple moving average (4 hours). However, there is a key bullish trend line forming with support near $325 on the 4-hour chart of the BNB/USD pair, sourced from Binance. This line could prevent the price from dropping significantly.
During the past week, BNB price saw a decent increase above the $325 level, similar to Bitcoin and Ethereum. The bulls pushed the price above the $335 and $340 levels. However, the price faced strong resistance near the $345 level, and a high was formed near $345. Afterward, the price started a steady decline, and there was a move below the $340 and $335 support levels.
The bears pushed the price below the 50% Fib retracement level of the upward move from the $315 swing low to the $345 high. Currently, BNB is facing resistance near the $330 level and the 100 simple moving average (4 hours). The next significant resistance level is near the $335 level, followed by the $345 level, and above which the price might rise toward the $350 resistance. Further gains could send the price toward the $365 level.
Potential Scenarios
If BNB fails to clear the $330 resistance, it could continue to move down. The initial support on the downside is near the $325 level or the bullish trend line. The next significant support level is near the $322 level. If there is a downside break below the $322 support, an extended decline toward the $315 support might occur.
On the other hand, BNB could start a fresh increase if it stays above $325. In this case, the price might face resistance near the $330 level and the 100 simple moving average (4 hours). However, a clear move above the $335 resistance might spark bullish moves.
Conclusion
Overall, despite facing resistance, Binance coin price is holding support at $325, and limited dips are expected. The price might rise towards the resistance levels of $335 and $345 if it stays above the support level of $325. However, if it drops below this level, a dip towards $315 might follow. As always, investors should stay updated on the latest market movements and seek professional advice before making investment decisions.
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