BNB price had support at $190 on June 19th and bounced back with an upwards channel. With that, the price continued on ranging between the top and bottom. On July 26, BNB found support at the bottom of the channel at $240. Subsequently, Binance Coin surpassed $255 resistance level and the SMA100. After that, it managed to break through $275 and reached $300 yesterday. At that point, BNB price hit the top of the channel at and fell down to $275. As expected, the bottom provided solid support and BNB set to recover. Binance Coin climbed all the way up to $320 on August 5. Currently, BNB is trading at $315.
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BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB price having support at $185 on June and moving within an upward channel. Yesterday, Binance Coin peaked all the way up to $320 yet failed to surpass this level.
For now, the $305 level near the SMA100 is the first support level for BNB price. In case of a successful support, Binance Coin can continue the bullish trend. For the bullish scenario, the $325 is the first resistance level followed by $340. Following that, the $350 and $370 are the next key resistance levels for the price. Breaking them would pave the way to regain the $400 level.
On the other hand, if BNB price fails to surpass $320 and subsequently loses the $300 level, there could be further correction to follow.
For the bearish scenario, the $290 will be the next support level. In case of losing this level, the $270 will be next to support Binance Coin.
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 $325. Following that, the next ones will be at $340 and then $350 will follow.
Support levels: the first support level is at $300. Then the $290 and following that the $270 will follow.
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