Latest BNB Trading Session Forms a Candlestick Pattern, Bulls Determined to Achieve $400

The latest trading session of Binance Coin (BNB) has turned out to be very stale among the buyers and the sellers. Due to the movement of the asset, a particular candlestick pattern has been formed.

The pattern first appeared on March 19 and became clearer on the following day (March 20). According to the analysts, it is the inside-day candlestick pattern, suggesting that the trading price of BNB has not moved in either direction.

BNB Price is stuck in the Middle

The report shows that the asset has not found a way to move in either of the transactions recently.

Despite recent attempts, the bulls and the bears are not able to pull the asset into their corner. Although it is a negative thing for the asset, it is also a positive thing, which suggests that either side can move BNB’s price to their side.

Strong Defense at $340

The data shows that the bulls have been trying to push BNB’s price higher. They have been attempting to push it over the $340 mark for a while but they have failed to do it despite their constant attempts.

The particular level is proving to be a strong resistance mark, which is being strongly guarded by the bears. They are not letting the bulls pass through the particular level as they are confident in their selling power.

The bears are still in strong selling momentum, which is why it has become quite difficult for the bulls to deal with the situation.

Bulls to Push BNB to $400

Despite the bulls being pulled back from $340, the 20-day EMA is getting pushed higher, which suggests that a strong bullish trend has been formed.

The RSI for BNB is also moving higher and as of now, it is over the overbought zone. The particular level is represented by $311, which is constantly moving higher.

Currently, the bulls have a slight edge over the bears as the trend is supporting them. They can use it to their favor to push BNB’s price over the $340 mark.

If they do manage to push ETH over the particular level, then another strong rally will be in play. This would allow the asset price to be pushed to an even higher level in the upcoming days.

The bulls may attempt to push the asset price to a high of $350. As the rally keeps getting stronger and gaining more momentum, the trading price of ETH may get pushed to a high of $400.

On the contrary, if the bears do not let the bulls build up a strong buying momentum, then BNB’s price may fall below $318. Going forward, as the selling spree gains momentum, the price of BNB may fall to $288.