Just recently, the trading price of Binance Coin (BNB) experienced a downtrend. The bears reportedly increased their selling power, which ended up bringing BNB’s trading value down to $275.
BNB has rebounded from $275
Given the current downfall of the cryptocurrency industry, many were under the impression that BNB would follow the same trend.
The investors assumed that the trading price of BNB may continue to fall. It was thought that the trading price of BNB may fall below the $275 per BNB mark.
However, the bulls had something else in mind, as they wanted to launch a strong bullish attack against the bears.
Instead of letting the bears do as they pleased, the bulls launched their bullish counter. The counter was enough to pull the trading price of BNB lower and send a strong message to the bears.
As a result, the trading price of BNB was able to gain strength before it fell below the $275 mark. The price of BNB rebounded and it started to move upward.
Stiff Resistance at $301
Although the price of BNB rebounded from $275, the bulls are finding it difficult to prevail against the bears.
It seems that the sellers have gained confidence at the $301 mark, which is the 20-day EMA. Despite the strong efforts, the bulls have not been able to push BNB over the $300 mark.
The bears are giving them a tough time and even now, the trading price of BNB is hovering around $286.68 per BNB.
The price graph for BNB shows that the digital asset is still facing stiff resistance from the bears at $301 per BNB.
For now, it has become clear that the bears are not giving much ground to the bulls to form a stronger rally and push BNB higher.
What if the Bulls are Successful?
If the bulls find an opening and are allowed to form a strong rally against the bears, then BNB’s price may grow stronger.
As the rally is allowed to grow stronger, BNB’s price may rise over $305. From there, the trading price of BNB may gain the opportunity to hit another resistance level at $338.
If the trend continues, it would end up forming an H&S pattern. The pattern will be executed completely once the trading price of BNB hits and breaks above $338.
If the pattern is successfully achieved, the trading price of BNB may rise up to $420 and then up to $460.
What if the Bears Prevail?
In the case where the bears continue increasing their selling power, the trading price of BNB may fall below the $275 mark. From there, the bears may increase their selling power to pull BNB to $240 and then to $212.