BNB price hit a barrier at $435 last week and had to back down. Following that, the price lost the $420, $410 and $400 support levels and settled on $375. Subsequently, BNB finally found support at that point and did not have further decline. Therefore, it started a recover process. Currently, BNB Price is around $390.
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BNB Price Action Analysis
Taking a look at the 4-hour chart, we see BNB had a rejection from the trendline at $430 and had a sharp plunge at almost 10%. By losing the key support level at $400, BNB fell as low as $375 before finally having support from the buyers and an attempt for recovery.
Today, after surpassing the $380, BNB started a new uptrend and is currently facing the $390 resistance level. In case of a successful break through, the next resistance levels are at $400, the SMA100 and the 50% Fibonacci retracement level. By surpassing this key level, the next resistance level is at $420.
On the other hand, if BNB fails to surpass $390 and $400, there could be further price correction to follow. For the bearish scenario, the $380 is the first support level. In case of losing this crucial level, the next stop will be at $360 while further decline can bring the price down to $340.
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 47.
Resistance levels: BNB`s first resistance level is at $390. Following that, the next ones will be at $400 and then $420 will follow.
Support levels: the first support level is at $380. Then the $360 and following that the $340 to $335 will follow.
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