As of now, the bulls are trying their hard to keep the price of Binance Coin (BNB) over the 50-day EMA. As of now, the 50-day EMA for Binance Coin is at $402.1 per BNB. At the moment, the investors are fighting against the resistance of the bears to push BNB’s price even higher.
The data from TradingView shows that the price of Binance Coin is currently at $405.8 per BNB. Binance Coin has reportedly observed a 1.53% surge in its value in the past 24-hours.
The performance scale for Binance Coin suggests that the investors currently have neutral sentiments about the price of BNB. The sell:neutral:buy scale is currently demonstrating a ratio that is 9:8:9, suggesting that the investors are currently not ready to make any strong moves.
Therefore, in the upcoming days, the price of Binance Coin can lean in any direction, thus, showing a change in the trend. When it comes to the oscillators for Binance Coin, it is being proposed that the investors are more confident in accumulating BNB than selling it.
As for the moving averages, they are currently pointing towards the selling sentiments of the investors. This also goes to suggest that the current situation for the growth of Binance Coin is not clear. This would mean that Binance Coin’s price may move in any direction, forming any trend in the due course.
For now, the bullish sentiments for Binance Coin suggest that the investors may try and push BNB over the pivot price, which is worth $419.3. If the investors succeed in that, it may push the RSI for Binance Coin higher, bringing it closer to the midline.
If the investors keep at it, they may be able to push Binance Coin’s price up to the 20-day EMA that is represented by $466.5 per BNB. This would pour more confidence into the bulls in keeping up with the rally to achieve higher price marks.
The investors may continue adding more investment to the cause to push Binance Coin to the third strong resistance mark of $505.01 per BNB.
Whereas, the bears may also try to steal the show with their selling pressure. As the RSI for Binance Coin is traveling near line 14, it suggests that BNB is observing a bearish trend.
The bears may use the particular sentiment to their advantage and try to pull BNB below the 50-day EMA. If the bears are able to do it, their next attempt would be to bring BNB below the first strong support mark of $368.
If BNB reaches $368, then the investors may intensify selling for BNB, thus, bringing the price of BNB all the way down to $318.42 per BNB.