BNB Price Retreats After Rally — More Downside Risks On The Horizon

BNB price is consolidating losses below the $1,200 ￰0￱ price is now facing hurdles near $1,250 and might start another decline in the near ￰1￱ price is correcting gains and traded below the $1,200 support ￰2￱ price is now trading below $1,180 and the 100-hourly simple moving ￰3￱ is a short-term bearish trend line forming with resistance at $1,180 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $1,120 level to start another increase in the near ￰4￱ Price Dips Below Support After a steady increase, BNB price failed to clear the $1,375 ￰5￱ was a downside correction below the $1,300 and $1,250 levels, like Ethereum and ￰6￱ price even dipped below $1,200 and tested $1,125.

A low was formed at $1,124, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $1,375 swing high to the $1,124 ￰7￱ price is now trading below $1,180 and the 100-hourly simple moving average. Besides, there is a short-term bearish trend line forming with resistance at $1,180 on the hourly chart of the BNB/USD ￰8￱ the upside, the price could face resistance near the $1,180 ￰9￱ next resistance sits near the $1,200 level. A clear move above the $1,200 zone could send the price ￰10￱ the stated case, BNB price could test $1,250 and the 50% Fib retracement level of the downward move from the $1,375 swing high to the $1,124 low.

A close above the $1,250 resistance might set the pace for a larger move toward the $1,320 ￰11￱ more gains might call for a test of the $1,350 level in the near ￰12￱ Decline? If BNB fails to clear the $1,200 resistance, it could start another ￰13￱ support on the downside is near the $1,125 ￰14￱ next major support is near the $1,100 ￰15￱ main support sits at $1,065. If there is a downside break below the $1,065 support, the price could drop toward the $1,000 ￰16￱ more losses could initiate a larger decline toward the $950 ￰17￱ Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bearish ￰18￱ RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 ￰19￱ Support Levels – $1,120 and $1,100.

Major Resistance Levels – $1,200 and $1,250.