The trading price of Binance Coin (BNB) has recorded an upward movement in recent trading sessions. The trend has been going in favor of the bulls who are able to push its price upward.
BNB Price Moved Over 50-day SMA
The data analysis shows that on January 8, the trading price of BNB moved over $268, which is the 50-day SMA.
As the price of the asset is moving upward, more investors are falling in line to support the asset. They are buying BNB at a high rate and they are currently not afraid of challenging the bears.
They are constantly buying BNB and the bears do not seem to be much of a threat. With strong sentiments, they may continue pushing BNB’s price higher and break through the resistance levels.
With the demand constantly growing at higher levels, more investors will continue siding with the bullish trend. With more support, the price of the asset will continue surging.
The RSI and other MAs are Turning Bullish
The data shows that the relative strength index (RSI) for BNB is also growing bullish by the day. It is constantly moving in the upward direction and is overcoming several obstacles in the process.
For a while, the RSI for BNB had kept hovering in the bearish zone. Finally, it steered in favor of the bullish sentiments and it is now moving higher.
Even the moving averages have started to take a turn and they are now moving in the bullish direction. The technical indicators show that the $258 (20-day EMA) mark for BNB has started to turn bullish.
It is now moving in the bullish direction, which is once again, a promising thing for the bulls. They have a strong trend and rallies to look forward to so they cannot let the bears pull them down.
This is a constant reminder for the bears that the bulls have the upper hand and they are in stronger sentiments. Therefore, the bears may not give a tough challenge or competition to the bulls.
The price of BNB may continue surging and it may manage to rise over the $300 mark. When that happens, more neutral investors will start siding with the bullish trend.
This would result in pushing the trading price of BNB to a higher level. If the bulls find no challenge in pushing BNB to $300, they may make another attempt and push its price to $318.
This would be a risky spot for the bulls as they will need to build up strong defenses to protect this level. If they do not succeed in defending this level, then the price of BNB may fall to a lower level.