The trading price of the Binance Coin (BNB) has plummeted at a significant rate in the past few days. The price chart for BNB suggests the trading price of BNB fell.
BNB’s Price fell below 20-day EMA
The price chart for BNB suggests that until the beginning of August, the trading price of BNB was trading higher.
BNB’s trading price was moving in a high trend and things looked promising for the investors. The bulls were also able to show off their buying ability as they continued accumulating BNB on a higher scale.
However, the bears increased their selling power, which pulled the trading price of BNB below the 20-day EMA. At present, the $304 mark is the 20-day EMA for BNB.
The bears were able to press BNB below the particular mark and since then, the trading price of the Binance Coin has continued falling in the lower trading territory.
BNB’s Demised Continued
Although the investors thought that the trading price of BNB may not fall any further, it continued moving in the lower direction.
After falling below the 20-day EMA, the trading price of BNB continued falling. Then the trading price of BNB fell down to 50-day SMA. At present, the 50-day SMA for BNB is $272.
The graph shows that BNB ended up hitting the 50-day SMA on August 19. Ever since hitting the particular mark, BNB is trying its best to move higher with a rebound.
Now, as the price of BNB is hovering at a low of $272, it is acting as a strong support mark. The bulls will try their best to defend the particular mark.
Their main goal is to ensure that they continue with the recovery of ETH. If the bulls are able to manage it, then BNB’s price may grow higher.
BNB’s Bullish Movement
If the attempt made by the bulls manages to fight off the bears, then BNB will be on the right track to recovery.
While making a recovery, the trading price of BNB may come close to $300. If all goes as planned for the bulls, then the trading price of BNB may rise up to $315.
As the momentum keeps building in favor of BNB, more investors will continue joining it in order to generate high gains.
As the rally continues getting stronger and gaining more momentum, then BNB’s price may rise to $338.
BNB’s Bearish Movement
As the legal action against Binance keeps getting more aggressive, BNB’s price may continue falling because of that. If the bears prevail against the bulls, BNB’s price may dip to $240.
In the worst-case scenario where Binance is proven guilty of offering unregistered securities to the US locals, BNB’s trading value may dip to $183.