The BNB/USDT pair has completed a bearish #headandshoulders and breached the neckline. This negative setup indicates a potential downward trend towards $220, as per the pattern calculation.
The #Binance Coin (BNB) price is currently experiencing a downward trend, falling below the $290 mark against the US Dollar. If the price drops below $270, it is likely to continue its descent
Over the last few days, the price of BNB has experienced a consistent decline, starting from the $325 resistance zone. The price has since plummeted below the $310 and $300 levels, with the decline gaining momentum and breaking through the $285 support.
Currently, the value of this coin has decreased by more than 5.60%, which is still a smaller decline compared to the drops experienced by bitcoin and Ethereum. The market witnessed a sudden dip below the $275 mark, leading to a low of around $270.70. Presently, the price is stabilizing its losses below the $280 threshold and the 21-hour simple moving average.
As per #technicalanalysis , There are several key resistance levels to keep an eye on for the BNB/USD pair. The first immediate resistance is at the $276 level, followed by a major resistance at $280. The main resistance is forming near the $284 zone, and there is also a key bearish trend line forming with resistance near $288 on the 4-hour chart. If the price manages to break above the trend line and surpass $290, it could potentially reach the $300 resistance level. Further gains could push the price towards the $320 level
In the event that BNB fails to surpass the $284 resistance, it may experience a further downward trend. The initial support on the downside is located around the $270 level, followed by the first major #support at approximately $265. The subsequent major support is situated at the $262 level. However, if the $262 support is breached, there is a possibility of a prolonged decline towards the $250 support.
KEY LEVELS :
RESISTANCE LEVEL : $276-$282
SUPPORT LEVEL : $268-$262