On June 22, the bears tried demonstrating their strong selling sentiments. They were able to move the trading price of Binance Coin in the lower direction. The graph shows that the price of BNB had started moving in a downward direction.
The bears were trying to drag the trading price of Binance Coin down to $211 when the bulls found their lost courage. They were able to create a strong rally in favor of Binance Coin and were able to push its price higher.
Due to the strong sentiments of the investors, the trading price of Binance Coin was pushed up to a high of $243, a 20-day EMA.
Bulls’ Push to a Higher Trading Price
As the situation turns bullish, more investors will become part of the upward trend. This would allow them to push the trading price of BNB up to 20-day EMA.
With the BNB price growth over the $243 mark, the next target of the bulls would be to push BNB up to the $284 mark. At the time of writing, the $284 mark acts as the 50-day SMA for BNB.
The 50-day SMA will also act as a strong resistance mark where the bears may demonstrate their strong selling sentiments. If the bulls keep showing off their strong acquisition power, then BNB’s price may elevate to higher grounds.
The bulls may find success being able to push through the strong defenses of the bears. If these defenses are broken, then the price of BNB may get pushed higher to a strong resistance zone.
The Bearish Movement of BNB
The other possibility for Binance Coin would be to move in the negative direction. If the price of Binance Coin starts getting pushed down, then the first strong support that the bears may attempt to break would be the 20-day EMA.
In order to break the particular mark, the bulls will need to exert extreme selling pressure. They will need to ram into the bulls with full power and break their defenses. This will cause the trading price of BNB to fall deeper.
The bears may try to pull the trading price of BNB down to $211 and then pull it below that mark. Once the bulls manage to pull the price of BNB below the particular mark, they will proceed with challenging the next support mark.
Here, the bears may attempt and bring the trading price of BNB down to $183. If they succeed in doing that, then the trading price of BNB may start moving in the lower direction.
Going forward, the bears may increase their selling power in order to pull the trading price of BNB down to $150.