BNB price faced strong resistance at $340 and had to back down. By losing the $300 and $275, Binance Coin fell down to $260 on September 6 but found support. With that, it had a chance to recover and managed to surpass $275 and $285 to reach $300. At that point, it hit a downtrend and had to once again back down to $275. Currently, BNB price is at $280.

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BNB Price Action Analysis

Taking a look at the 4-hour chart, we see BNB hitting a dead end at $340 and having to back down with a downward channel. Following that, the price continued ranging between the top and bottom and hit the bottom at $260. Subsequently, BNB managed to bounce back and recover. Binance coin surpassed $275 and $285 and peaked at $300 on September 12. Once again, the price turned back down after touching the ceiling and fell down to $275.

At the moment, the $275 is the first support level for BNB. In case of successful support, we expect Binance coin to continue upwards. For the bullish scenario, the $285 and then 295 on the SMA100 are the first resistance levels for the price. In case BNB breaks through the top of the channel, it could reach $300 and $310.

On the other hand, if BNB price fails to surpass $285 and loses the $275, further correction will follow. In which case, the $270 and $260 are the next support levels. Further decline can bring BNB as low as $250 and $240.

The Technical Indicators

MACD indicator: at the time of writing this article the 4-hour MACD indicator for BNB is on an downward momentum.

RSI: the relative strength index is approximately 40.

Resistance levels: BNB`s first resistance level is at $285. Following that, the next ones will be at $290 and then $300 and $310 will follow.

Support levels: the first support level is at $275. Then the $260 and following that the $255 will follow.

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