It was just recently when the price of Binance Coin (BNB) had fallen below the $500 per BNB price. However, BNB managed to make a comeback, and soon, it was able to cross the $500 per BNB figure.
From that point onwards, Binance Coin was able to reach the $536 per BNB figure, which is the 20-day EMA. This means that BNB has managed to make it through the tough time but it still doesn’t mean it is completely out of the hot water.
The bulls may find it to be very difficult and tough pushing through the $536 per BNB price. It may prove to be a very tough mark for BNB where the bulls will have to increase their buying pressure. If the bulls manage to do that, then they will be able to add some digits to BNB’s price.
As of now, the overall trend is not in favor of increasing BNB’s price. Even the RSI and the moving averages are currently hovering within the bearish and negative zone. This means that BNB is currently facing a bearish zone, where bears have higher authority over the bulls in pulling BNB’s price lower.
For now, it is the bears that have the advantage and they will be able to pull BNB’s price lower than the current price. This goes to show that the bulls will have to exert a lot of pressure in order to push BNB’s price higher against the bears.
If the bulls manage to sustain the pressure at the 20-day EMA, they will be able to push BNB’s price higher. This would help bulls create a strong rally against the bears and the price of BNB will start moving higher.
If the bulls do manage to create a strong rally, then the price of BNB will be pushed all the way up to the $575 per BNB price. Once BNB hits the $575 per BNB price, it would prove to be a strong resistance mark for Binance Coin.
In a worst-case scenario, the bears are in action and they start pulling BNB’s price lower, their first mark would be the 20-day EMA. Once the bears succeed in doing that, they will be moving towards their next target, which is the $500 mark.
The bears may attempt to bring BNB’s price lower than the $500 mark and if the bulls are not able to sustain their pressure, then BNB will be pulled lower.
If that happens, then the price of BNB will be pulled lower than the $480 per BNB mark. That is when the bears will launch another strong selling rally and will be able to drag BNB’s price lower than the $450 per BNB price.