At the time of writing, Binance Coin’s (BNB) unit price is at $529.53 per BNB. Binance Coin has reached this point after experiencing an 11.64% plunge in its price in the past 30-days. Moving further to BNB’s price in the past 7-days, it has plunged by 0.90% and then 3.50% in the past 24-hours.
Like the rest of the major cryptocurrencies, BNB’s price has continued dropping and as a result of the dips, it is now exhibiting a negative trend. The downward trend for BNB means that the investors are highly likely to start selling BNB.
For the time being, the investors may sell BNB on a lower level. This may trigger a small selling activity for BNB and may increase the confidence of the bears in launching an all-out selling spree.
The performance summary scale for BNB shows that its ratio for the sell:neutral: buy factor is 12:9:5. This means that the bears currently have the situation in their favor. If they launch a selling rally against BNB on a lower scale, they may be able to convert it into a large-scale selling activity.
This means that the overall market sentiments surrounding BNB are bearish and the bulls may have to step up the game if they want to counter them.
The data from TradingView shows that the bears may attempt to bring the price of BNB all the way down to $502.2 per BNB. The particular figure is currently the second strong support mark for BNB, as BNB is already below the first strong support ($531.9) mark.
Once BNB’s price comes down to $502.2 per BNB, the bears may proceed with increasing their selling pressure to pull BNB below the $500 mark. Their next target would be to pull BNB’s price below the $476.5 mark.
If the bears manage to achieve that, they will be able to convert all bulls to bears and launch a huge selling spree for BNB. By increasing the pressure, the bears may succeed in pulling BNB’s price all the way down to the 200-day SMA ($444.0) mark.
If the bulls want to push BNB’s price higher, then they’d have to increase their buying power tremendously. They will need to launch a buying rally against BNB in order to push its price all the way up to the 20-day EMA ($546.5 per BNB) mark.
This would help the bulls gain more sentiments of the investors in the market and set them on the right track for another rally. The next target for the bulls would be to increase BNB’s price all the way up to 50-day SMA ($576.0 per BNB) mark.
Once that is achieved, the bulls will have the strong support of the investors and they may be able to push its price all the way up to the $600.6 per BNB mark.