It was on January 25, 2022, when the price of Binance Coin (BNB) started showing a sign of recovery. As Binance Coin came on the right track, its price started recovering and hinted that it would come close to $400.
Unfortunately, the bulls were not able to keep up with their efforts and soon gave up to the strong pressure exerted by the bears. From January 25, the bears have proved that they are not ready to give up on the efforts from the bulls.
Therefore, the strong rallies launched by the bulls were not able to do much in favor of Binance Coin. As a result, the price of BNB faltered as it came close to hitting the $400 per BNB mark. The bears have continued with their selling pressure and as a result, the price of BNB has experienced a dip.
For now, BNB’s price is hovering around the $375 figure. At the moment, the bears are expected to control and steer the trend. Therefore, it is being expected that the bears may increase their pressure over the bulls to press their price lower.
Although the bears are in power, the bulls may still try and show resistance at a lower level. However, if the bears are able to sustain the pressure from the bulls, they will be able to pull their price lower. In this particular case, the bears may succeed in pulling BNB’s price down to $330.
According to data from TradingView, the $330 per BNB price for BNB is the strong support mark for the digital asset. As of now, the RSI for BNB is also traveling in the bearish trend. Even the moving averages for BNB are supporting downsloping figures.
All the information and data surrounding Binance Coin suggests that BNB is currently traveling deep inside the negative territory. This means that the investors may not see a positive trend for BNB for a while. As soon as the investors realize and come to understand the trend, they may start selling BNB on a really high scale.
This may result in pushing the price of BNB all the way to the edge. This would give bears even more control of the situation and they will get another chance of pushing BNB’s price even deeper.
It is expected that the longer the price of BNB stays within the negative territory, the more the investors would lose their confidence in Binance Coin. This may press the price of BNB even lower, bringing it down to its 20-day EMA.
As of now, the $250 price for BNB is the representation of its 20-day exponential moving average.