Even after Plunging Below $300, Binance Coin is Expected to Dip to $258

Binance Coin

A few days back, the trading price of Binance Coin (BNB) had been hovering near the $300 breakout level.

It was a competition as both sides wanted to compete against each other and take the lead. The bears wanted BNB to lean to their side while the bulls wanted it to lean to their corner.

Finally, after a battle that went on for multiple days, the price of BNB managed to move in the upward direction. The bulls were able to push BNB’s trading price over the breakout level.

As the price continue surging, it was able to hit a high trading price of $318 on November 26.

The Bearish Attack Came on Nov. 26

From November to November 27, the bulls tried hard to push BNB over the $318 mark but the trend was not going in their favor.

The bears kept increasing their selling pressure, which stopped the bulls from pushing BNB’s price higher. On November 28, the bears were able to display their true selling prowess.

They built strong selling pressure over the bulls and were able to pull BNB’s price. Their selling spree continued and soon, the price of BNB came down to $300.

However, the pounding from the bears did not end there as BNB’s price fell below the $300 mark.

Next Target for Bears                                                                              

Despite pulling BNB below the $300 mark, the bears have a high appetite to continue with their selling spree. The confidence level of the sellers is very high which would allow them to pull BNB’s price lower.

The moving averages for BNB are also losing their strength as they have started to move downwards.

With the MA for BNB moving in the bearish territory, the bears will be able to form strong resistance levels on these points.

There is a high possibility that the bears are aiming to pull BNB down $275 and for this purpose, they may use the bull trap tactic.

Bull Trap to Pull BNB to $258

Going forward, the bears may pretend to have lost their selling power, giving an impression to the bulls that the trend has softened.

Finding the opportunity the bulls may try and push BNB over the $300 mark. Although the bulls may succeed in moving BNB over the $300 mark, it will be a bull trap.

The bears may use the bull trap tactic to break the confidence level of the bulls. As the price of BNB rises over the $300 mark, the bears may pull it lower.

The bears will have more advantage over the trend and they will be able to pull BNB to a low of $275. From there, the bears may increase their selling pressure, bringing BNB down to $258.