BNB Price Drops Below $250: At Risk of Test To $200

• BNB price started an upside correction but failed near $250.
• A major bearish trend line is forming with resistance near $248 on the 4-hour chart.
• The price could decline further if it stays below $245 and $250.

BNB Price Struggles to Recover Above $250

BNB is struggling to recover above the $250 mark against the US Dollar, similar to Bitcoin and Ethereum. The recent upside correction from the support of $220 was rejected near the $250 level. There is a major bearish trend line forming with resistance near $248 on the 4-hour chart, which could prevent any further gains in BNB price. If it stays below this level, there is a risk of more losses toward the support levels of$220 and even lower towards $200.

Bearish Trend Line Forms

In the past few days, there were mostly bearish moves in BNB price below the support of$280 and then below another key support at$250. It settled well below its 50 simple moving average (4 hours) and formed a low around at$220.6 from where it made an upside correction move above$235 and then$240 levels before facing strong selling pressure near$250 level again. This time bulls failed to clear 61.8% Fib retracement level of downward move from swing high at$267.5 to low at 220$.6 as bears are active near that zone again and pushing it lower towards potential supports like 230$, 224$, 220$, 200$.

Resistance Levels To Watch Out For

If bulls attempt another recovery wave from current levels then immediate resistance for them would be around 245$. Main hurdle for them would be 50 simple moving average (4 hours) which lies just above 250$. Also break and close above mentioned bearish trendline could open up fresh bullish chances for BNB prices towards 265$, 274$, 288$, 300$. On other hand if bears manage to push prices back down below 224$, 220$ then there might be possibility of testing 188$ support too in coming days or weeks ahead as well before any meaningful recovery can be seen in BNB prices so traders are advised not get too bullish unless prices break out successfully above 250$.

Conclusion

Overall, BNB’s price shows bearish signs below the resistance of $250. If there is a clear move above this resistance, then only we can expect some recovery towards higher levels like 265$, 274$, 288$, 300$. But if bears manage to keep pushing down prices further towards 224$, 220$ supports then there might be possibility of deeper correction even till 188$.

Key Takeaways

• BNB price started an upside correction but failed near $250. • A major bearish trend line is forming with resistance near $248 on the 4-hour chart • The price could decline further if it stays below $245 and $250