Just like Ethereum (ETH), Binance Coin (BNB) is also expected to be making good progress in the upcoming days in terms of its price. According to analysts, BNB also has a strong backup from the bulls. They are aiming to support BNB and help it grow in price.
In the consensus, the analysts have shared that the bulls are trying to make sure that the price of BNB is pushed upwards. The bulls made the first attempt to push the price of BNB over $669.30 per BNB figure on the 1st of December. However, the push didn’t work out and the BNB price gave in to the resistance at $669.30.
This means that despite all the efforts made by the bulls, the bears were also coming in hot challenging BNB’s price surge. This is constantly raising the competition between the bulls and bears.
The performance analysis for Binance Coin shows that the price of BNB has flattened out from the 20-day EMA, which was $602 per BNB. As for the RSI, it is currently hovering at a mid-point, which means that in the near term, it may demonstrate a range-bound action.
The data indicates that if the price of BNB falls below the 20-day EMA, then it may be on the track to hit the $564 per BNB, which is the 50-day SMA.
Shockingly, the price of BNB has experienced a slight fall, bringing its price to $574.48 per BNB, which is indeed below the 20-day EMA. The second prediction made by the analysts was related to BNB falling below the 50-day SMA, which is $564 per BNB.
The 50-day SMA is a figure that the bulls will need to defend at all costs. If the bulls give in to the bears’ constant push, then the price of BNB may fall below the 100-day SMA, which is the $494 per BNB figure.
Given the RSI in place, there is a possibility for BNB going in the upward direction as well. This means that if the bulls manage to push BNB over the 20-day SMA of $602 per BNB, then it may be ready for another major surge
In the particular scenario, the price of BNB may be able to hit a minimum figure of $669.30 per BNB. There are also predictions that the price of BNB may also be able to hit an all-time high of $691.80 per BNB.
This would mean that the price of BNB would remain close to the previous all-time high of $690.93 per BNB. Once that happens, another resistance zone will be set for BNB and then it will need to break through that point to hit another all-time high.
