Binance Coin (BNB) has been experiencing a similar trend as all other cryptocurrencies. The trading price of the Binance Coin was reportedly near a trading price of $286, which is a strong support benchmark. Binance Coin reportedly hit the particular trading price on May 27 and the bulls defended the support mark with strong buying force.
As the price of the Binance Coin was close to the support mark, the bears learned that the pressure kept building on them. The bulls launched a strong barrage against the bears with their strong buying sentiments. They continued with their strong buying that formed up a strong rally.
The rally not only push the trading price of Binance Coin over the $300 mark, but it also increased its price much higher than that. The performance graph for Binance Coin shows that its price managed to rise up to $320. This particular market is considered the overhead resistance for Binance Coin.
The bulls’ Aim is to hit $400
Although Binance Coin’s price is currently around $320, the bulls are aiming to hit a price much higher than that. To make it happen, the bulls may have to expedite the Binance Coin acquisition process.
This would result in forming a strong rally that would help create a huge surge in the price of Binance Coin. With the help of the strong rally, the trading price for Binance Coin may surge to $350.
The bulls will be able to achieve this mark only in the case where the bulls are able to move above $320. After reaching the mark, the bulls will be required to sustain the pressure coming from the bulls.
If they are able to do it, then Binance Coin’s price may hit $350. Hitting the particular mark will help the bulls push the trading price of Binance Coin over the $350 mark. With the momentum building up and more investments coming in favor of Binance Coin, it’ll rise up to $400.
Binance Coin’s Price Dip to $260
Then come the negative sentiments surrounding Binance Coin. For now, the trading price of the Binance Coin is hovering around $320. The bulls are trying hard to sustain the pressure coming from the bears. If they fail in doing so, then Binance Coin’s price may start plunging. This would cause the trading price of Binance Coin to dip to $286.
From there, the trading price of Binance Coin may continue moving down the lane. The downstream movement of the Binance Coin may continue gaining more strength and the pressure may continue rising over the bulls. In such a case, the trading price of the Binance Coin may plunge to $260.