BNB Price Struggles Below $850 – Is Momentum Fading Fast?

BNB price is consolidating losses below the $850 ￰0￱ price is now facing hurdles near $855 and might start another decline in the near ￰1￱ price is correcting gains and traded below the $855 support ￰2￱ price is now trading below $850 and the 100-hourly simple moving ￰3￱ is a short-term contracting triangle forming with support at $845 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $840 level to start another increase in the near ￰4￱ Price Dips To Support After a steady increase, BNB price failed to clear the $868 ￰5￱ was a downside correction below the $865 and $855 levels, like Ethereum and ￰6￱ price even dipped below $850 and tested $842.

A low was formed at $842 and the price is now attempting a fresh ￰7￱ was a move above the 23.6% Fib retracement level of the downward move from the $864 swing high to the $842 ￰8￱ price is now trading below $850 and the 100-hourly simple moving average. Besides, there is a short-term contracting triangle forming with support at $845 on the hourly chart of the BNB/USD ￰9￱ the upside, the price could face resistance near the $850 ￰10￱ next resistance sits near the $855 level and the 61.8% Fib retracement level of the downward move from the $864 swing high to the $842 low. A clear move above the $855 zone could send the price ￰11￱ the stated case, BNB price could test $865.

A close above the $865 resistance might set the pace for a larger move toward the $880 ￰12￱ more gains might call for a test of the $888 level in the near ￰13￱ Decline? If BNB fails to clear the $855 resistance, it could start another ￰14￱ support on the downside is near the $845 ￰15￱ next major support is near the $842 ￰16￱ main support sits at $835. If there is a downside break below the $835 support, the price could drop toward the $820 ￰17￱ more losses could initiate a larger decline toward the $800 ￰18￱ Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish ￰19￱ RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 ￰20￱ Support Levels – $842 and $835.

Major Resistance Levels – $855 and $865.