Price Analysis for BNB, Digital Asset May Go Up to $691.80 or Down to $435.30

Since the beginning of 2021, Binance Coin (BNB) has proven to be extremely profitable for cryptocurrency investors. The digital has been growing larger since the start of the year 2021, although it has been around since 2017, right when the Binance exchange launched.

From the start of the year, its valuation has grown all the way up to $96.40 billion, making it the third-largest cryptocurrency at present. From the start of the year until now, its price has grown by 1424.75%.

Despite the growth, the price of BNB has been experiencing the same kind of trend as other major cryptocurrencies. Being one of the largest cryptocurrencies, the majority of the investors, analysts, and observers have their eyes set upon it.

This is the reason why there are many predictions surrounding BNB. There are analysts that have been making positive predictions about the cryptocurrency and there are analysts making negative predictions.

The recent analysis of BNB shows that on the 3rd of December, the price of BNB fell below the $592 per BNB price. The $592 per BNB price is reportedly the 20-day EMA for Binance Coin.

As the 3rd of December set foot into the 4th of December, BNB observed a great sell-off. The bears took over the digital asset and started selling it on a large scale. The performance graph for Binance Coin shows that the price of BNB was pulled all the way down to $496, which is BNB’s 100-day SMA.

While the bears continued with their barrage, the bulls tried their best to counter them. In response to the bears, the bulls continued with their attempts of purchasing as many BNB as possible.

The candlestick for the digital showed that the bulls made all the efforts to make the 100-day SMA a stronghold against the bears. They continued defending the $496 per BNB price of BNB and created a strong rally.

According to the TradingView graph for BNB, the digital asset is moving in the upward direction. As of now, the price of BNB is at $582.56, which means the BNB is close to hitting and crossing the $592 benchmark set as the 20-day EMA.

However, the bears are continuing with their barrage and have strengthened their selling power for BNB. For now, it seems that the price of BNB is stuck between the moving averages of the BNB/USDT pair.

If things work out in favor of the bulls, then the investors would observe the price of BNB cross the 20-day EMA for BNB.

Once BNB crosses the $592 per BNB benchmark, it may initiate a strong rally and its price may rise all the way up to a range between $669.30 and $691.80 per BNB.

If BNB gives into the bearish efforts, then its price may fall below the 100-day SMA. In such a case, the investors may observe the price of BNB drop below the $435.30 per BNB price.