Just a few days, the bulls were able to mark their presence for Binance Coin (BNB). The bulls successfully pushed the price of Binance Coin over $400 per BNB mark. The bulls not only crossed the $400 per BNB mark but they also managed to cross the $403 per BNB mark (50-day SMA).
This meant that the bulls had gained the lead over bears but the technical analysis for Binance Coin has advised otherwise. The analysis suggests that still, it is the bears that have the ability to push the price of Binance Coin to a lower figure.
This is because despite being able to hit the 50-day SMA, the bulls were not able to keep BNB at the mark for a long period of time. Soon, the bears pushed with high force, eventually pulling the price of Binance Coin below the $400 mark.
This goes to show that the bears are currently in power and they won’t let the bulls go without giving a tough fight. So far, the bears have sustained all the pressure from the bulls and they may continue doing so to push Binance Coin’s value lower.
Current Agenda of the Bears
As of now, the bears are attempting to sink the price of Binance Coin in order to bring it below $391 per BNB. At the time of publication, the $391 figure represents 20-day EMA for Binance Coin.
If the bears successfully push Binance Coin below the 20-day EMA, then the bulls may not try to compete with the bears at all. This way, the price of Binance Coin may continue getting pushed lower.
As the bears keep increasing the selling power, the price of Binance Coin may continue dropping. The bears may attempt to push the price of Binance Coin to the second support mark. At the time of publication, the second support for Binance Coin is $376 per BNB.
If the RSI ends up moving in favor of the bears, the price of Binance Coin may fall even deeper. In this particular case, the price of Binance Coin may end up plummeting to $350 per BNB.
What the Bulls May Attempt to Achieve?
Although it is the bears that have the lead, if the bulls manage to rebound the price of BNB and push it over $400, their confidence level may rise. Once the buyers manage to push Binance Coin over the 20-day EMA, they may attempt to hit the overhead resistance mark.
Over time, the bulls may continue adding more accumulations for Binance Coin, which would result in pushing Binance Coin higher. If the bears are not able to compete with the bulls and bulls sustain their pressure, Binance Coin may soon reach up to $445 per BNB.