The trading price of Binance Coin (BNB) ended up falling below the strong level on June 30. On that particular day, the bulls were fighting against the bears to push BNB’s price above $211. However, the bears were stronger and they did not let the bulls’ efforts go on for long.
The bears pushed harder with stronger selling power, which ended up creating a pull in the trading price of BNB. The data shows that the trading price of BNB ended up falling below $211, which is the strong support level.
The Candlestick Pattern
The price graph of the Binance Coin shows that a candlestick pattern was formed. The pattern shows that as the price of the Binance Coin fell below the strong support level, the bulls launched their strong rally.
The bulls started buying the dip and started to push harder but they weren’t able to push its price higher.
It was on July 1, when the bulls tried hard to push the trading price of the Binance Coin higher. They tried exerting high pressure in order to push the trading price of the Binance Coin higher but the bears started to show their selling power.
The performance graph for BNB shows that although the bulls tried really hard to push through the $234 mark, the bears didn’t let them. The graph formed a long wick, which showed that the bears were strongly defending the $234 mark, which is the 20-day EMA.
For now, the overall performance of BNB shows that it is moving in a downward direction. The downslope movement of BNB alongside the negative RSI means that the sellers have an upper hand. They are stronger compared to the bulls and may have the power to pull BNB’s price lower.
What if the Bears Use their Power?
If the bears start showing their true and strong selling power, then the price of BNB may not be able to hit the $234 mark at all. Instead, the price of BNB may fall below the $211 level. This may turn out to be a turning point for BNB as its price may continue moving in a downward direction.
If the bulls fall to sustain bears’ pressure at $200, then BNB’s price may fall below $183. Once the $183 mark is hit, it’ll be a matter of time for the bears to launch their strong selling spree. This may bring the trading price of BNB down to $150.
In Case the Bulls are in Power
In the case where the bulls are able to show off their true acquisition power, then the trading price of BNB may start moving higher.
The bulls may succeed in pushing BNB above the $234 mark. Hitting the particular level would launch another selling spree, helping to push BNB’s price all the way up to $271 (50-day SMA).