For a while, Binance Coin (BNB) has been traveling in the low-price region. The bulls made several attempts of pushing the price of Binance Coin over $399.7, which is the 50-day EMA. Finally, the bulls did manage to push Binance Coin over the particular mark before it ended up experiencing a rebound.
The bulls were unable to sustain the pressure from the bears and its price went below the 50-day EMA on the same day (March 9). Since then, the bears have managed to increase the selling pressure over the bulls, which has resulted in pushing Binance Coin below $370.
Even now, the value of Binance Coin is below $370 and it is still not able to make a comeback. At the time of writing, the value of Binance Coin is at a low of $367.8 per BNB. At the moment, the trading volume for Binance Coin is high, which strongly suggests that the bears are flushing out BNB on a large scale.
The trading volume for Binance Coin is up by 19.57%, and it is currently at $1,386,042,159. The market valuation for Binance Coin is also at a low figure ($60,742,773,654).
Technical Indicators Pointing Towards a Negative Trend
The data shows that the moving averages are indicating “strong sell” sentiments while the oscillators are pointing towards “neutral” sentiments. As of now, the overall sentiments of the investors are siding with “sell” sentiments.
The data shows that out of every 26 investors, 14 investors prefer selling Binance Coin, while only 3 investors prefer buying it. The rest of the investors have neutral sentiments about Binance Coin.
The relative strength index (RSI) for Binance Coin is currently below the midline, hovering around 43.9. Even the ultimate oscillators for Binance Coin are at 40.2. These factors also indicate that the overall sentiments of the investors are siding with the bearish trend.
Negative Movement of Binance Coin
As the investors keep siding with the negative sentiments, the value of Binance Coin may continue sinking. This would push the value of Binance Coin into the negative territory. If that happens, Binance Coin may start traveling on the strong support channel.
On the particular channel, the first strong support mark Binance Coin may hit would be $341.7 per BNB. The bulls may try and push Binance Coin in the upper direction, but if the bears prove their might, it may move down to $322.75 per Binance. If there is no more resistance from the bulls, Binance Coin may get pushed down to $301.9 per BNB.
Positive Movement of Binance Coin
On the contrary, if the bulls go for higher gains, the value of Binance Coin may get pushed up to $388.2 per BNB. Going forward, the price of Binance Coin may hit a high price of $407.0 per BNB. If the bulls keep showing high determination in support of the positive trend, Binance Coin may rise to $429.30 per BNB.
