BNB price faced strong resistance at $340 on August 11 and had to back down. By losing the $300, $280 and $275 supports, Binance coin fell down to $260 on September 6. Finally, BNB found support at this level and managed to bounce back with a recovery attempt. With that, the price surpassed $275 and $280 and reached $290. Currently, BNB price is at $295 range.
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BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB hitting a dead end at $340 and having to back down. After that, Binance coin formed a downward channel and continued ranging between the top and bottom. On September 6, BNB hit the bottom at $260 and had the chance to bounce back.
Currently, the $300 is the first resistance level for Binance coin. In case of a successful breakthrough, the $310 on top of the channel will be a key resistance level. Following that, the $320, $335 and $340 are the next levels to follow.
On the other hand, if BNB price fails to surpass $295 to $300 range, we can expect deeper correction. For the bearish scenario, the $280 near the SMA100 will be the next support level. Further decline can bring BNB down to $270, $260 and $255.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for BNB is on an upward momentum.
RSI: the relative strength index is approximately 70.
Resistance levels: BNB`s first resistance level is at $300. Following that, the next ones will be at $310 and then $320 and $340 will follow.
Support levels: the first support level is at $275. Then the $260 and following that the $255 will follow.
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