The trading value of the Binance Coin (BNB) has been oscillating between a particular range. In recent days it has become clear that the bulls and the bears have strong sentiments supporting their sides.
Therefore, both sites may attempt to push and pull BNB’s price to their side to form a strong trend.
BNB is Oscillating in a Particular Range
The price graph for BNB shows that it has been moving within the range of $276 and $258, where the 20-day EMA is represented by the first value.
The trend has been ongoing for the past few days and it is not confirmed when it would come to an end. Despite the constant attempts of the bears, they are unable to pull BNB below the $258 mark.
This means that the bulls are giving a tough time to the bears, not letting them pull BNB’s price any further than $258.
However, as the bulls push the trading price above the $258 level and bring it all the way up to the $276 level, the bears trigger their selling spree to bring it down.
This meant that a trend has been formed by both sides and they are not letting BNB escape from these ranges.
Bulls Attempting to Hit $338
Although it is a tight range the situation may change soon for the BNB/USDT pair. The trend may change soon as the trading price of BNB may move into the upper zone.
In case the bulls manage to push the trading price of BNB over the 20-day EMA, the pair may move to the higher zone.
BNB may come close to hitting the resistance line where they may face huge resistance from the bears. If the bulls manage to cross the resistance line, BNB may rise over the descending channel.
As the price of BNB rises over the resistance line, they will have a strong obstacle in their way. If the rally continues, then the trading price of BNB may rise all the way up to $338.
BNB’s Move to $198
On the other hand, the trading price of BNB may move in a downward direction if the bears sell it at a higher level.
For this purpose, the bears will try and pull BNB below the $258 level. This would result in causing a strong selling spree that will favor the downtrend.
As the price of BNB continues moving lower, it may come all the way down to $225 per BNB. As the selling spree continues and more investors lose their confidence, then BNB’s trading price may dip to $198.