Price Analysis for BNB

Although BNB (BNB) has been consolidating between $258 and $300 for the past several days, the bears are trying to gain the upper hand by defending the moving averages.

BNB/USDT daily chart. Source: TradingView

The sellers will now try to pull the price to the support of the range at $258. The repeated retest of a support level within a short time tends to weaken it. If this level gives way, the BNB/USDT pair could plummet to the next support at $216. The gradually downsloping 20-day EMA ($275) and the relative strength index (RSI) near 45 suggest that bears have a slight edge.

Contrary to this assumption, if the price turns up and breaks above the moving averages, the pair could extend its stay inside the range and rise to the overhead resistance at $300.