- Binance coin price declined below the $34.30 support and recently tested $30.50.
- There is a major bearish trend line forming with resistance near $33.00 on the 4-hours chart.
- BNB price seems to be preparing for the next move either above $34.00 or below $30.00.
Binance Coin Price Analysis (BNB to USDT)
After topping near the $40.00 level, binance coin price declined steadily. Bitcoin price climbed higher consistently, but BNB price failed to gain bullish momentum. Besides, other major altcoins, including Ethereum and ripple also struggled to start a strong upward move similar to BTC.
Click to Enlarge Chart
Looking at the 4-hours chart of BNB/USDT, the pair settled below the $34.30 and $33.20 support levels to enter a bearish zone. There was even a close below the $33.00 level plus the 25 simple moving average (4-hours).
The price traded close to the $30.00-30.50 support area and the last swing low was formed near $30.56. It recently recovered above $32.50 and the 23.6% Fib retracement level of the last slide from the $38.00 high to $30.56 low.
However, the upward move was capped by the previous support near the $34.20 area. Moreover, the 50% Fib retracement level of the last slide from the $38.00 high to $30.56 low acted as a resistance.
More importantly, there is a major bearish trend line forming with resistance near $33.00 on the same chart. Therefore, an upside break above the $33.00 level might increase the chances of a decent recovery in the near term.
The next key resistances are near $34.20 and $35.35. Conversely, if binance coin struggles to climb above $33.00, there could be a downside break. However, the bulls are likely to defend the $30.00-30.50 support area very strongly.
Having said that, if the bulls fail, there is a risk of a sharp decline in BNB price towards the $28.50 or $27.50 level.
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