BNB Price Prediction: Risk of Sharp Drop Below $300

2023-06-01 04:38:42

BNB price (Binance coin) is moving lower below the $310 support against the US Dollar. The bears could gain strength if there is a close below $300.

Binance coin price is moving lower from the $318 resistance against the US Dollar.
The price is now trading below $310 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $310 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could accelerate lower if it breaks the $300 support zone.

Binance Coin Price Tops Again

This past week, BNB price attempted an upside break above the $318 resistance. However, the bulls struggled to gain strength above $318, similar to Bitcoin and Ethereum.

A high is formed near $317.1 and the price started a fresh decline. There was a clear move below the $312 and $310 levels. There was also a break below a key bullish trend line with support near $310 on the 4-hour chart of the BNB/USD pair.

BNB price is now trading below $310 and the 100 simple moving average (4 hours). A low is formed near $303.2 and the price is now consolidating losses.

On the upside, BNB is facing resistance near the $306.5 level. It is close to the 23.6% Fib retracement level of the downward move from the $317.1 swing high to the $303.2 low. The first major resistance is near $310 and the 100 simple moving average (4 hours).

Source: BNBUSD on TradingView.com

It is close to the 50% Fib retracement level of the downward move from the $317.1 swing high to the $303.2 low. The next major resistance is near $315. A clear move above the $315 resistance might start a steady increase. The next major resistance is near the $318 level, above which the price might rise toward the $325 resistance.

More Losses in BNB?

If BNB fails to clear the $310 resistance, it could continue to move down. Initial support on the downside is near the $303 level.

The next major support is near the $300 level. If there is a downside break below the $300 support, there could be an extended decline toward the $292 support. Any more losses could send the price toward the $284 support.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Major Support Levels – $303, $300, and $284.

Major Resistance Levels – $307, $310, and $315.

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