September 27 proved to be a highly competitive day between the bears and the bulls. The scuffle between the two sides was witnessed just as the bulls were able to push BNB’s price over the resistance line.
The Bears Shot Down the Bullish Movement
On that particular day, the bulls were able to help BNB leave the descending channel pattern. This meant that the trading price of BNB had risen above the resistance line and was moving even higher.
However, as the price of BNB rose above the resistance line, strong selling pressure from the bears became obvious.
This is exactly what they did as they launched their strong selling spree, which was able to break the confidence of the bulls.
Although the bulls continued buying BNB on a stronger level, the selling power of the bears continued shutting down their efforts.
The bears did not let the bulls push BNB’s price over the $287 mark (50-day SMA). The bears started selling BNB on a large scale in order to pull its price lower and not let the bulls cross the $287 mark.
As the trading price of BNB turned out, it ended up falling below the $276 mark, the 20-day EMA.
Bulls to Relaunch a Strong Bullish Rally
As the price of BNB fell, the candlestick showed a long tail. This means that the bulls still have not given up and may make another bullish attempt.
They would attempt to push the trading price of BNB over the 50-day SMA, which is the resistance level for the Binance-powered cryptocurrency.
If the attempt proves successful, then the trading price of BNB may rise all the way up to $300 and then grow up to $338.
BNB’s Dip to $258
On the other hand, if the bulls are not able to gather much strength, then the trading price of BNB may get pulled downwards. In this particular case, the trading price of BNB may start falling to a lower level.
In this particular case, the trading price of BNB may fall to a low of $258.
Factors to Help the Bullish Run
Although the general market trend is supporting the bearish trend, BNB is expected to move in the opposite direction.
This is because Binance, the cryptocurrency exchange behind the issuance of the BNB token is undergoing multiple developments lately.
The exchange has expanded its business to more countries and jurisdictions in recent days. Binance has recently started operating in Japan after acquiring an operating license in the country.
The exchange is heavily invested in its expansion and increasing its token’s utility all over the world. This would act as a positive factor for the token and help push its price higher.