As the overall cryptocurrency industry started to move in the upward direction, it was time for Binance Coin (BNB) bulls to make their move as well.
BNB is among the top 10 cryptocurrencies by valuation in the crypto market and it has a strong following as well.
However, like the rest of the major assets, BNB also experiences great tension between the bears and the bulls.
Bulls Tried Pushing BNB over $300
Due to the recent uptrend, the entire cryptocurrency industry was able to benefit. All major cryptocurrencies were able to register strong gains during the recent trading sessions.
However, things did not work out well in the long run because the bulls soon ran out of their buying power and confidence.
The report shows that the bulls had been trying hard to push the trading price of BNB. They had succeeded in pushing BNB over the $250 mark and bringing it all the way up to $295.
The bulls had hoped that they will be able to push BNB over the $300 mark, which is the overhead resistance for BNB. Unfortunately, things did not work out well for the bulls in the long term.
They kept trying to push BNB higher but the bears soon realized that the buyers did not have much buying momentum left in them.
Therefore, they launched their selling attack ad and were able to pull BNB’s price much lower than the $300 mark.
BNB was pulledbelow $285
As the bulls were knocked back to a lower trading level of BNB, they started to lose their confidence. This allowed the bears to proceed with another strong attack and this time, their target was $285.
They kept selling BNB and were eventually, able to pull the price of the asset below the $285 mark. Under normal circumstances, it could have been difficult for the bears to pull BNB below $285.
This is because it is the immediate support level for BNB and the bulls gather at this level for an immediate response.
However, the bulls were tired of the earlier rally so they ended up losing their ground on the immediate level mark.
Price May Dip to $250
At the time of publication, BNB’s price is trading close to $280 and there are still strong chances of a bearish selling spree.
If that happens, then the trading price of BNB may get pulled to a lower level. In that case, the trading price of BNB may weaken and fall below the $275 mark.
If the selling spree does not stop and the bulls find themselves taken out by the bears, then BNB’s price may fall to a low of $250.