If we look at the performance of BNB Coin (BNB) from May 30, we will see that it was experiencing a high trend. The trading price of BNB Coin had successfully risen over the $320 mark. The data suggests that it was the immediate resistance mark for BNB Coin.
Once the particular mark was hit, the bulls felt that they were ready to defend their position. In the next few days, the bulls were able to hold their position and kept purchasing BNB Coin on a higher scale.
They wanted to make sure that the bears do not get an opening and start pushing back. They continued buying BNB Coin with hopes of limiting the bears. However, the bears had a plan of their own.
They continued selling the rallies that the bulls formed after reaching the $320 mark. They kept selling BNB Coin, which slowly kept pulling the price of BNB Coin lower.
The bulls kept trying their best to push the price of BNB Coin higher than the particular mark but they weren’t able to. They were blocked by the bears who were also defending the $325 mark with all their strength.
They kept increasing their selling pressure, which eventually pulled the trading price of BNB Coin below the $320 mark.
BNB Coin’s Resurgence to $325 and over
For now, the constant selling efforts of the bears have managed to deviate BNB Coin from its uptrend line. Now, BNB Coin is moving below the trend line. However, this is the time when the bulls can launch their counter and demonstrate strong buying sentiments.
They can try and buy BNB Coin on a large scale in order to bring up the trading price of BNB Coin. If the price of BNB Coin starts rising, then more investors will continue joining the trend. This would help them launch a stronger rally.
This time, the rally formed by the bulls will help them hit the $325 trading price again. From there, more investments may start coming in favor of BNB Coin. This would result in pushing the trading price of BNB Coin above the $325 mark.
On the Contrary
If we assumed that the bulls are not able to pose much of a threat to the bears, then they may continue selling BNB Coin with strong sentiments. This would keep increasing the pressure on the investors who will start moving into the bearish territory.
This would allow the bears to pull the trading price of BNB Coin below the $286 price. Once BNB Coin hits the $286 mark, it will have entered the support zone.
The bulls will have the chance of launching their strong buying attack. However, if they fail and the bears prevail, then BNB’s trading price may dip to $211.
