Binance Coin May Hit a High of $445 and a Low of $350
On March 17, the value of Binance Coin (BNB) went all the way up to $390 (50-day SMA). It was after a long time that Binance Coin was moving in a higher direction and turned out to be extremely advantageous for the bulls.
However, the bulls were not able to take advantage of the particular trend and soon, the bears took control back from the bulls.
As the price of Binance Coin went up to the 50-day SMA, the bears launched their high selling spree, which was recorded through the candlestick pattern. It was on March 19 that the bears pulled the price of Binance Coin to a lower figure.
The candlestick pattern also showed that the bulls were not able to sustain pressure from the bears. They started selling Binance Coin as its price went to a higher figure.
As a result of the high selling spree, the price of Binance Coin started plummeting. Once the price turned down from a high figure, it went all the way down to the $386 per BNB mark. At present, the $386 per BNB mark is the 20-day EMA for Binance Coin.
Since March 20, the price of Binance Coin has been at the particular mark and bears haven’t been able to push its price any lower than the 20-day EMA mark.
Binance Coin’s Journey to $445 per BNB
Despite the pressure and the bearish trend, the sellers are currently running, the bulls have not fully given up on their activities. The bulls haven’t allowed the bears to push BNB’s price lower than the 20-day EMA.
The current trend for Binance Coin shows that the bulls have been buying every dip that the bears are forming. This suggests that the bulls are determined and are actively sustaining more pressure coming from the bears.
Going forward, it is expected that the bulls may increase their buying ability in order to counter the bears. If that happens, then the price of Binance Coin may start getting pushed higher.
According to the analysis data, the bulls may try and push Binance Coin over the $407 per BNB mark. If the price does make it over the particular mark, then the bulls may attempt another high rally. Their next attempt would be to keep pushing and elevate the value of the pair over the $425 mark.
If the rally gets stronger, more investors may soon jump in and push the price of Binance Coin over the $445 per BNB mark.
If the Negative Sentiments Prevail
On the contrary, if the sentiments of the bears prevail, then the price of Binance Coin may start dipping. As Binance Coin falls below the 20-day EMA, the bears may intensify their selling activity, bringing BNB down to $373.
If the bulls are unable to show any resistance against the bears, then the price of Binance Coin may dip to $350.