Altcoin BNB price is struggling to clear the $220 resistance against the Dollar. There are chances of the price declining below the $210 and $202 support levels. Binance coin price is slowly declining from the $220 resistance against the US Dollar. The price is now trading below $215 and the 100 simple moving average (4-hours). There is an interesting situation on the 4-hour chart of the BNB/USD parity. Accordingly, there is a possibility of a break below the bullish trend line with support near $214.5. If the pair breaks the $210 support level, there will be a move lower.
Altcoin Binance Coin Price remains at risk
Last week, altcoin BNB price attempted a recovery wave above the $210 level. The price managed to clear the $215 resistance zone. However, it failed to clear the $220 resistance. Like Bitcoin and Ethereum, there was a new decline in BNB. The price declined below the $215 support level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $207 swing low to $221 high.
Moreover, there was a break below a key bullish trend line with support near $214.5 on the 4-hours chart of the altcoin BNB/USD pair. The price is currently trading below $215 and the 100 simple moving average. Accordingly, it is consolidating near the 76.4% Fib retracement level of the upward move from the $207 low to $221 high. If there is a wave of recovery, the price will face resistance near the $213 level and the 100 simple moving average.
Next resistance and possibility of more losses
The next resistance is near the $215 level. A clear move above the $215 zone will push the price higher. In the mentioned case, BNB price will test the main resistance at $220-222. Moreover, a close above the $222 resistance will set the pace for a larger increase towards the $250 resistance. If altcoin BNB fails to surpass the $215 resistance, a new decline will start. An initial support on the downside is near the $210 level. The next major support lies at $207. If there is a downside break below the $207 support, the price will decline towards the $202 support. Any further losses would start a larger decline towards the $165 level.
What do technical indicators say?
When we look at Kriptokoin.com, the 4-hour MACD for altcoin BNB is gaining momentum in the decline zone. On the other hand, the 4-hour RSI is currently below the 50 level. Additionally, $210, 207 and $202 are on the agenda as important support levels. Finally, the main resistance levels are $215, 220 and $222.
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