BNB price failed to surpass $340 on August 11 and had to back down. Subsequently, it lost the $315, $305 and $300 levels and fell down to $280 on August 20. At that point, the price found support on the uptrend and managed to bounce back. With that, Binance coin had a chance for recovery and climbed all the way up to $305 but faced strong resistance. Once again, BNB price had a correction and is currently trading at $295.
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BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB riding on an uptrend in the long-term. Characteristically, the price reached a top of $340 on August 11 but failed to surpass this level and faced a correction. At that point, BNB fell down to $275 and had support at the uptrend. Therefore, it set to recover but had to halt by reaching the 50% Fibonacci retracement level. Currently, BNB is trading at $295.
For the moment, the $295 on the SMA100 is the key support level for Binance coin. In case of providing sufficient support, we can expect further growth in short-term. For the bullish scenario, the $305 will be the first resistance level. After that, the $320 and $340 will be next in line. In case of a successful break through from $340, we can expect $260 and $380 to follow.
On the other hand, if BNB price fails to surpass $305 and subsequently loses the $295, further decline will follow. In which case, the long-term uptrend is expected to support BNB at $275. Losing this level would bring Binance coin as low as $240.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator for BNB is on a downward momentum.
RSI: the relative strength index is approximately 45.
Resistance levels: BNB`s first resistance level is at $305. Following that, the next ones will be at $320 and then $340 and $360 will follow.
Support levels: the first support level is at $290. Then the $280 and following that the $260 will follow.
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