BNB price consolidates losses below the $1,200 zone. The price is currently facing headwinds near $1,250 and may begin another decline in the near future.

• BNB price is correcting gains and is trading below the $1,200 support zone.
• The price is currently below $1,180 and the 100-hour uncomplicated moving average.
• A short-term bearish trend line is forming on the hourly chart of the BNB/USD pair with resistance at $1,180 (data source from Binance).
• To start another rally in the near future, the pair needs to stay above the $1,120 level.

BNB prices fall below support

After a steady boost, the BNB price did not breach the $1,375 zone. There was a downward correction below the $1,300 and $1,250 levels, as did Ethereum and Bitcoin.

The price even dropped below $1,200 and reached $1,125. The low formed at $1,124 and the price is currently consolidating losses below the 23.6% Fib retracement level resulting from the downward move from the high of $1,375 to the low of $1,124.

The price is currently below $1,180 and the 100-hour uncomplicated moving average. Additionally, a short-term bearish trend line is forming on the hourly chart of the BNB/USD pair with resistance at $1,180.

On the other hand, the price may face resistance near the $1,180 level. The next resistance is near the $1,200 level. A clear move above the $1,200 zone may result in a price boost. In the given case, BNB price could test $1,250 and the 50% Fib retracement level on a move down from the $1,375 high to the $1,124 low.

A close above the $1,250 resistance could set the pace for a larger move towards the $1,320 resistance. Further increases may result in a test of the $1,350 level in the near future.

Another decline?

If BNB fails to break the resistance at $1,200, another decline could begin. Initial downside support is near the $1,125 level. The next significant support is near the $1,100 level.

The main support is $1,065. If there is a break below the $1,065 support, the price could fall towards the $1,000 support. Larger losses could trigger a larger decline towards the $950 level.

Technical indicators

Hourly MACD – MACD for BNB/USD is gaining momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently below the 50 level.

Main support levels – USD 1,120 and USD 1,100.

Major resistance levels – $1,200 and $1,250.