Key Takeaways:
- BNB price is showing bearish signs below $250.
- A major bearish trend line is forming with resistance near $241 on the 4-hour chart.
- The price could decline toward $230 before the bulls take a stand.
NEW DELHI (CoinChapter.com) — BNB started a fresh decline below the $250 support, similar to Bitcoin and Ethereum. It is now at risk of more losses toward $230 and $220.
BNB Price Approaches Key Support
In the past few days, there were mostly bearish moves in BNB price below $255 against the US Dollar. The price declined below the $250 support to move further into a bearish zone.
It settled below the $240 level and the 50 simple moving average (4 hours, blue). A low is formed near $235.6 and the price is now consolidating losses. It seems like the bulls are defending the $235 support zone.
BNB price 4-hour chart | Source: BNBUSD on TradingView.com
If there is a recovery wave, the price might face resistance near $240. There is also a major bearish trend line forming with resistance near $241 on the 4-hour chart.
The first major resistance is near the $242 level and the 50 simple moving average (4 hours, blue). It is close to the 23.6% Fib retracement level of the downward move from the $261.8 swing high to the $235.6 low.
A close above the $240 and $242 levels might send BNB price further higher toward the $248 level. The next major resistance is near $250 or the 61.8% Fib retracement level of the downward move from the $261.8 swing high to the $235.6 low. Any more gains might send the price toward $262.
Conversely, BNB price might spike downward below the $235 support. The next major support is near the $230 zone, below which the price could gain bearish momentum. In the stated case, the price could test the $220 zone. Any more losses could open the doors for a move toward the $200 support zone.
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Overall, BNB price is showing bearish signs below the $250 resistance. It seems like there could be a sharp decline toward $230 or even $220 before the bulls take a stand. Conversely, the price might surpass the $242 resistance and start a decent increase in the near term.
