BNB price is consolidating losses below the $1,200 zone. The price is now facing obstacles near $1,250 and could start another decline in the near term.
- BNB price is correcting gains and trading below the $1200 support zone.
- The price is now trading below $1,180 and the 100 hourly simple moving average.
- There is a short-term bearish trend line forming with resistance at $1,180 on the hourly chart of the BNB/USD pair (data feed from Binance).
- The pair must stay above the $1,120 level to start another rise in the near term.
BNB price falls below support
After a steady rise, BNB price failed to break above the $1,375 zone. There was a downward correction below the $1,300 and $1,250 levels, like Ethereum and Bitcoin.
The price even fell below $1,200 and tested $1,125. A low was formed at $1.124, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the high of $1.375 to the low of $1.124.
The price is now trading below $1,180 and the 100 hourly simple moving average. Furthermore, a short-term bearish trend line is forming with resistance at $1,180 on the hourly chart of the BNB/USD pair.
On the upside, the price could face resistance near the $1,180 level. The next resistance lies near the $1,200 level. A clear move above the $1200 zone could push the price higher. In the indicated case, BNB price could test $1,250 and the 50% Fibonacci retracement level of the downward move from the high of $1,375 to the low of $1,124.
A close above the $1,250 resistance could set the pace for a further move towards the $1,320 resistance. Any further gains could require a test of the $1,350 level in the near term.
Another decline?
If BNB fails to break above the $1,200 resistance, it could start another decline. Initial support on the downside is near the $1,125 level. The next major support is near the $1,100 level.
The main support is located at $1,065. If there is a downside break below the $1,065 support, the price could fall towards the $1,000 support. Any further losses could start a further decline towards the $950 level.
Technical Indicators
Hourly MACD: The MACD for BNB/USD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.
Main support levels: $1120 and $1100.
Main resistance levels: $1200 and $1250.
