The data surrounding Binance Coin (BNB) suggests that it is currently facing very strong resistance from the bears’ end. Binance Coin is reportedly facing a hard time crossing the $487 per BNB mark, which is the 20-day EMA.
Although the bears are posing a lot of pressure and resistance from their end at the 20-day EMA, the bulls have managed to make a difference with their buying power.
The bulls are giving a hard time to the bears at the resistance point and it is being expected that the bulls may make it through. This way, the bulls may be able to push the price of BNB to a higher price. If the bulls are able to push through the bears against their selling pressure, they may hit $511 per BNB.
The $511 per BNB mark may prove to be another strong resistance point for the bulls. However, if the bulls continue with their buying power and continue increasing the rallies, they may be able to push BNB’s price higher.
In case the bulls are able to push the price of BNB over the $511 per BNB figure, they may be set for another high figure. The data suggests that the bulls may be able to push BNB’s price over the $560 per BNB figure.
If BNB reaches the $560 per BNB figure, then the bulls will have the perfect opportunity to launch a strong rally. This way, the price of BNB may manage to grow all the way up to $617.
This suggests that as of now, the investors have high and strong sentiments surrounding BNB. The bulls do not seem to be going easy and are constantly fighting the bears to increase the price of BNB.
However, if the bears manage to pull BNB’s price below the 20-day EMA, they will be able to bring it down to $480 per BNB. This would result in creating a bearish trend for BNB and would lower the confidence of the investors towards the bullish trend.
In the upcoming days, the bears may increase their selling pressure in order to pull BNB’s price lower. The bears may try and pull the price of BNB down to $451 per BNB.
If BNB’s price does fall below the $451 figure, then the bears will have caused a huge impact on the confidence level of the investors. This would force the investors to start selling BNB in order to save themselves from the losses.
This way, the price of BNB may start falling and may result in causing another major dip for BNB. If that happens, then the price of BNB may fall down to $433 per BNB.
