Amidst Bull And Bear Scuffle Between $258 And $300, Bears May Pull BNB To $216


It has been several days since Binance Coin (BNB) has been hovering between particular ranges. It can be seen from the data that the trading price of BNB is stuck in particular ranges for a long time.

Consolidation between $258 and $300

A look at the price graph of BNB for the past several days shows that it has been hovering between $258 and $300.

It seems that BNB has found consolidation in the particular price range and may stay there for some time. However, with the way the bears have been performing, it seems that they may take the lead.

Now, the technical indicators seem to be going in favor of the bears, which would mean that the price of BNB might move in a lower direction.

The bears may try their best to move the price of BNB in their direction. This would pull the trading price of BNB below the $258 mark.

Bears to Pull BNB to $216

Given the current situation, the bears may try to move the trading price of BNB in a negative direction.

Their target would be to pull the trading price of BNB below the $258 mark and cause its price to pull even lower.

It has been witnessed that whenever the trading price of BNB surges to $300, the bears pull it down. They make it slide all the way down to $258 and then let the bulls push it higher to repeat the cycle.

This time, the sellers have a different goal in mind, as they want to pull BNB lower. They want to pull BNB even lower and bring it all the way down to $239.

The bears would have to apply a lot of selling pressure to pull BNB’s price lower. If they manage to bring BNB below the $239 mark, a tremendous selling spree may come into play.

If the selling spree continues for a longer period, then BNB’s trading price may crash to a low of $216.

RSI is Favouring the Bears

At the moment, even the RSI for BNB is moving in negative territory. It is currently residing at 45. A study of the trend suggests that the RSI is moving lower into the negative zone.

With the RSI moving in the downward direction, the trading price of BNB may move in the lower direction. The value of BNB may continue falling and the situation may become favorable for the bears.

BNB to raising over $300

As the price of BNB is consolidating in the mentioned zone, the bulls may successfully push it higher.

If the bulls are able to do it, then BNB’s price may rise to a high of $300.